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.
Germany's two major department store chains Kaufhof and Karstadt have agreed to merge, several sources said on Thursday, in the latest changes to the retail sector brought by fierce competition from ecommerce players.
Canadian retailer Hudson’s Bay Co. has responded to reports that it is selling half of its European business to Signa, confirming that the companies are in talks but denying that a definitive agreement has been reached.
Hudson’s Bay has agreed to sell about half of its European business to Austria’s Signa Holding in a deal that will bring together two major German department store chains, according to media reports on Wednesday.
Labour representatives at Hudson’s Bay German department store chain Kaufhof are expected to put the brakes on restructuring talks in the face of reports about a possible joint venture with Austria’s Signa.