Galeria Karstadt Kaufhof director Miguel Müllenbach has planned numerous discount campaigns for when lockdown regulations ease. Germany’s last department store chain may require additional aid from the state.
Germany's leading department store chain Galeria Karstadt Kaufhof will reportedly close 62 of its 172 stores, putting about 5,000 jobs at risk, as part of a restructuring plan aimed at saving the ailing firm.
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.
Hudson’s Bay Co Executive Chairman Richard Baker said on Monday he had teamed up with other shareholders to offer to take the struggling Canadian department store operator private in a $1.3 billion cash deal.
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.