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Date: 08/13/2014 16:54 clock
The Austrian property investor Rene Benko is supposed to before taking over the ailing department store chain Karstadt. He was “were called in to help to relieve Berggruen as partners” from Nicolas Berggruen Karstadt owner, Benko said the Austrian business magazine “Format”. But there was not a final decision.
In industry circles it hot, Berggruen Benko have granted an option to the takeover of the Karstadt department store business, reported the news agency Reuters. According to “Bild” newspaper Benko and Berggruen are even immediately before an agreement. Neither investors declined to comment on the reports.
Benko had already bought the end of 2012, the Berlin KaDeWe and 16 other Karstadt real estate for more than 1.1 billion euros. Less than a year later, 75.1 percent of the shares went to Karstadt Sport and the Karstadt Premium Group – belong to it Oberpollinger in Munich and the Alster in Hamburg – to Benko. The Austrians paid for 300 million euros. Berggruen controlled since only the majority of the core business for the remaining 84 stores.
The German-Americans had Karstadt acquired after the bankruptcy of Arcandor Group in 2010. Initially Berggruen was hailed as a savior. But it soon became apparent that he was overwhelmed despite many management changes and hard cuts with the restoration of the traditional house. Despite the announced reduction of 2,000 jobs in the summer of 2012, and despite the withdrawal from collective agreements Karstadt was not sustained profitability
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