Germany's last department store chain is to get new owners after its latest insolvency

The insolvency administrator of Germany’s only remaining major department store chain says it is set to get new owners after its third spell in bankruptcy protection in four years. Galeria Karstadt Kaufhof is to be taken over by a consortium of U.S. private equity firm NRDC Equity Partners, which currently has investments in Hudson’s Bay of Canada and Saks Fifth Avenue among others, and German businessman Bernd Beetz’s BB Kapital SA. The deal is still contingent on a court and Galeria’s creditors approving the plan. The insolvency administrator said the intention is to hold on to more than 70 of the chain’s current 92 branches.