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The deal is haild as a milestone 'in the attempt to restore and restructure the KaDeWe Group operating company toward a sustainable, financially viable business.'
Ailing German department store chain Galeria Karstadt Kaufhof has begun insolvency proceedings in a court in the western city of Essen, with negotiations with new potential investors ongoing. The court opened the proceedings on Monday but announced the move via press release on Tuesday. Lawyer Stefan Denkhaus is to continue as insolvency administrator for the troubled retail firm. He had previously served in that role on a provisional basis. With the opening of the proceedings, Denkhaus will now