News
Karstadt rescued from insolvency 3-Sep-2010
The German department store chain Karstadt has been rescued from insolvency after a court approved a takeover bid led by private investor Nicolas Berggruen and the BCBG Max Azria fashion and apparel group.
The deal was approved at the last minute following disagreements over negotiations to reduce Karstadt property rents and plans to divide the retailer into separate units including premium goods stores.
Karstadt was put up for sale after parent company Arcandor AG announced its bankruptcy last year.
The deal was approved at the last minute following disagreements over negotiations to reduce Karstadt property rents and plans to divide the retailer into separate units including premium goods stores.
Karstadt was put up for sale after parent company Arcandor AG announced its bankruptcy last year.
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