August 15, 2014
René Benko took over the ailing department store chain Karstadt. Photo: REUTERS
Benko rises at Karstadt one at a time, in a construction site is greater than the other. Berggruen has blown it. A renovation is still possible – but only with severe cuts.
The Starter Wife. Nicolas Berggruen Karstadt did. The department store chain is now owned by the controversial Austrian property investor Rene Benko. Four years ago Berggruen took over the insolvent company for a euro.
But then he did not have much. Rather, the once acclaimed as the savior of the union Verdi billionaire put the typical behavior of a financial investor of the worst kind on the day. He put own money into the company, but even still pulled capital out by Karstadt had to pay for the use of the trademark rights of millions to one of Berggruen companies. The businessman, who likes presents himself as a philanthropist,
pressed to urgently needed investment. He does so in a particularly severe case of omission guilty. While Karstadt more or less directionless stumbled in front of him and lost more and more customers and sales grew stronger competition. In this time of the entry of the fashion discounter Primark in the German market falls. Now, Berggruen steals it.
Benko gets to do it, where a building site is larger than the other with a net. It is difficult to retrieve the customers. A renovation is still possible, but only with severe cuts. Many stores in smaller cities are not keeping. Benko must Jobs hats. But he was not to blame. Berggruen has blown it.
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