View of the logo on the facade of Galeria Karstadt Kaufhof in the city center. The department store chain has filed for bankruptcy again. picture alliance/dpa | Uwe Zucchi
The former owner of Galeria Kaufhof, Richard Baker, wants to buy Galeria Karstadt Kaufhof. Baker is negotiating through his family office NRDC with the insolvency administrator Stefan Denkhaus and CEO Olivier van den Bossche. Research by Business Insider shows that the former chairman of the supervisory board, Bernd Beetz, is negotiating the entry together with Baker.
The two main interested parties for the ailing department store chain Galeria Karstadt Kaufhof are to be presented next week. Our research shows that one of the parties is the former GKK supervisory board chairman Bernd Beetz – supported by investor Richard Baker. The latter had already been the owner of Galeria Kaufhof for several years and is now negotiating entry through his family office NRDC.
Details of the takeover are not yet known, but insolvency administrator Denkhaus announced the minimum number of 60 branches that would have to be taken over from the total of 92 branches.
Observers are surprised by Baker’s interest and the open doors at Galeria Kaufhof. Many managers have had mixed experiences with the Canadian, especially current CEO Olivier Van den Bossche, who left the group under Baker’s reign. A concrete purchase agreement is to be signed on April 9th, and the creditors will make a decision on May 28th.
Business Insider had already reported two weeks ago about possible interest from Richard Baker and his company Hudson Bay Company (HBC) in Galeria Karstadt Kaufhof. Back then, HBC circles denied interest and continue to do so today.