US group to acquire Karstadt retail chain
A US-German investor and the US fashion group BCBG Max Azria are to acquire Karstadt, the famed but financially troubled German department store chain, Karstadt's judicial administrator said Monday.
Klaus Hubert Georg said an offer for the 120 Karstadt stores from US-German investor Nicolas Berggruen and BCBG Max Azria had been accepted.
Karstadt, founded in 1881 and which includes the famous Berlin department store KaDeWe, has faced bankruptcy since 2009 after years of erratic management.
Two other candidates had put forward offers for the chain, the German-Swedish investment group Triton, and the Highstreet real estate company.
© 2010 AFP