Completion at the end of March?
First purchase offers for insolvent Galeria
The first purchase offers have now been received for the insolvent department store chain Galeria Karstadt Kaufhof. "The bidders who are in the running want to acquire Galeria as a whole," said the provisional insolvency administrator Stefan Denkhaus to "Wirtschaftswoche".
The range of bidders is international (see video above). Among the interested parties is said to be the investment company Apollo, which already bought a large package of department stores from the Signa Group a few years ago. Denkhaus did not want to comment on the names of interested parties or the details of the offers. He had recently commissioned teams from the investment bank Houlihan Lokey and the financial advisor Sigma to look for investors. Negotiations are due to begin in the next few days and a purchase agreement should ideally be concluded by the end of March.
Negotiations with landlords
At the same time, negotiations are currently underway with the landlords of the Galeria department stores. "We are talking to all landlords. We are not only paying more than the market rate for the properties owned by Galeria's parent company Signa," said Galeria CEO Olivier Van den Bossche to Wirtschaftswoche. It depends on the landlords' willingness to make concessions as to how many stores will ultimately be retained.
It is usual to spend seven to eleven percent of a store's turnover on rent. "We pay significantly more for many locations," emphasized Van den Bossche. The insolvency proceedings were filed on January 9. Jobs are still to be lost at the head office, and a move to another building is currently being examined. "The company must be given a medium-sized structure," said Denkhaus.
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