Signa is to become the sole owner of the Germany retail group after acquiring Hudson’s Bay Company’s 49.99% stake. Hudson’s Bay Company will continue to control its Dutch business through a wholly owned subsidiary.
Premium outlet chain Saks Off 5th is reportedly set to leave the German market just two years after its launch. All eight stores, which sell premium fashion at discounted prices, are due to close in the summer.
The owners of a proposed German department store chain formed by the merger of Karstadt and Kaufhof, have agreed to provide the company with a cash injection of 400 million euros, a magazine reported on Monday.