×
84 552
Fashion Jobs
L'OREAL GROUP
Ecommerce Director
Permanent · Saint Petersburg
COTY
Director, Finance - cb Sales
Permanent · New York
OLD NAVY
Site Merchandising Manager - Old Navy Online
Permanent · San Francisco
NIKE
Senior Manager - Finance Engineering & Automation
Permanent · Beaverton
JCPENNEY
Email Marketing Senior Manager
Permanent · Plano
LEVI'S
Global Raw Material Planner
Permanent · San Francisco
NORDSTROM
Asset Protection - Agent - Tacoma Mall
Permanent · Tacoma
SHISEIDO
Sales & Training Executive, San Francisco - Nars
Permanent · San Francisco
ROSS STORES
Store Protection Specialist
Permanent · Grand Prairie
PUMA
av Specialist, IT Service Desk
Permanent · Somerville
PUMA
Key Account Manager, Sporting Goods
Permanent · Somerville
BLOOMINGDALE'S
Asset Protection Outlet Associate, Part Time: Outlets at Orange
Permanent · Orange
TAPESTRY
Senior Manager, Human Resources (People Partner)
Permanent · New York
TAPESTRY
Analyst, Trade Compliance
Permanent · Jacksonville
ESTÉE LAUDER
Clinique Consultant - 37.5 Hrs - Macys - South Portland, me
Permanent · South Portland
ESTÉE LAUDER
Associate Consultant - Clinique - Part Time - Macys Tysons Corner - Mclean, va
Permanent · McLean
ESTÉE LAUDER
Business Manager - Clinique - Full Time - Dillards - Temple, tx
Permanent · Temple
ABERCROMBIE AND FITCH CO.
IT Service Desk Specialist
Permanent · Columbus
ATHLETA
Senior Analyst, Divisional & Control Finance, Athleta
Permanent · San Francisco
GAP
Asset Protection Service Representative - Jersey Gardens
Permanent · Elizabeth
OLD NAVY
Assistant General Manager ne - Shop @ Perry Crossng
Permanent · Plainfield
OLD NAVY
General Manager - Freehold
Permanent · Freehold Township
By
Reuters
Published
Jul 12, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Owner of Germany's Karstadt in sale talks

By
Reuters
Published
Jul 12, 2014

FRANKFURT, Germany - Speculation over the future of German department store chain Karstadt flared again on Friday after a newspaper reported that billionaire Nicolas Berggruen could sell out to Austrian investor Rene Benko and Israeli businessman Beny Steinmetz. Daily paper Bild said that Berggruen was in talks with Vienna-based Signa, Benko's property vehicle, which could buy more than 70 percent of Karstadt for 1 euro ($1.36).

The report followed news this week that the chief executive of loss-making Karstadt stepped down after only five months in the job, hinting at a lack of support from the company's billionaire owner and raising questions over the chain's future.

A source familiar with the matter had told Reuters in November that Steinmetz, a diamond and mining entrepreneur, and Benko could take a stake in Karstadt through an option to buy 75.1 percent of its main business, comprising 83 department stores, for 1 euro.

The real estate arm of Steinmetz's BSG group and Signa last year formed a joint venture to invest in German retail property.

Karstadt, Berggruen, Benko and BSG were not immediately available for comment, while Signa declined to comment.

Berggruen rescued Karstadt from insolvency in 2010, but he has come under fire from German unions and media for not investing enough in the chain, allowing rival department store group Kaufhof to take market share.

Department stores around the world have faced difficulties in recent years in the face of competition from e-commerce players such as Amazon, prompting suggestions that Kaufhof could buy Karstadt or a third party investor could buy and merge both chains.

Kaufhof owner Metro's Chief Executive Olaf Koch on Thursday said he had no interest in combining the two chains. Berggruen sold 75.1 percent stakes in Karstadt's separate premium and sports divisions to Benko last year. ($1 = 0.7331 Euros).

© Thomson Reuters 2022 All rights reserved.