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- The Canadian department store chain Hudson’s Bay assumes the Kaufhof department stores.
- The purchase price amounts to 2.825 billion euros, divided the former Kaufhof mother with Metro.
- This prick Canadians Karstadt owner René Benko from, who had also bid for Kaufhof.
German and Belgian department stores sold
The retail group Metro sold its department store subsidiary Kaufhof for about 2, EUR 8 billion to the Canadian trading group Hudson’s Bay. This was announced by the Metro AG morning in Dusseldorf with.
The agreement covers According to the notification, the primarily under Galeria Kaufhof as well as in Belgium operating in Germany at Galeria Inno department store business and the related real estate. The transaction will be completed by the end September 2015.
Benko loses the bidding race
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In order for the Canadian pierce the Karstadt-owner René Benko from who had also bid for Kaufhof. Benkos company Signa Retail to have made an offer of a similar amount earlier media reports. In bidding war Kaufhof the Signa Retail recently tried to score with a job and workplace agreement. In the case of the merger of the two department store chains under one roof Signa would continue to work with both names, Karstadt CEO Stephan Fanderl announced.
But the sale to the Canadians had signed at the end of last week. The proceeds of almost three billion euros after the bidding race, which had become increasingly violent in recent weeks, no longer a surprise.
Hudson’s Bay will no locations close
Hudson’s Bay, Founded in 1670, claims to North America’s oldest company. The Group operates in the United States and Canada more than 300 department stores and specialty stores. For corporate empire includes the well-known US department store chain Saks Fifth Avenue. The acquisition of Kaufhof is a first step into the European market.
acquisition of Kaufhof With luxury back to success
competition for René Benko The retailer Hudson’s Bay stands before entering the race for Kaufhof. Canadians already have a concept of how they could align the German department stores in the future.
Hudson’s Bay wanted to keep all 21 500 employees of Kaufhof and close any locations, both companies announced. The head office of Kaufhof stay in Cologne. In addition, Canadians want to continue with the existing management team of Kaufhof.
Kaufhof operates nearly 140 department and sports stores in Germany and Belgium. In fiscal year 2013/14 continued the chain by about 3.1 billion euros. Competitor Karstadt operates more than 80 conventional stores.
Even before the decision for a buyer had stated that approximately two-thirds of the offered purchase price accounts for 61 Kaufhof properties, which are still held in treasury of the department store group. This shows that the real estate is obviously the most valuable at Kaufhof
Verdi warns of cuts
Prior to the sale of Kaufhof the services union Verdi had
“The employees of Galeria Kaufhof have the right that they enlist the safety of their tariff income and jobs not only verbally,” said Verdi Federal Executive . Stefanie Nutzenberger in a published announcement on Sunday
René Benko a majority stake Oberpollinger, Alsterhaus and Kadewe sold
They are the luxury department stores of Karstadt -Konzerns. Now sold the majority owner René Benko them to the Italian group La Rinascente.
Verdi asks in addition to the tariff binding assurances that in the next five years no houses are closed and the co-determination structure remains intact. Also redundancies are to be excluded. Excluded are the houses whose Off have already been initiated.
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