Signa Buys Karstadt for €1

Published: August 15, 2014; 22:32 · (Vindobona)

Austria's Signa Holding takes over struggling German department store chain Karstadt. Signa acquires a 100 per cent stake in Karstadt Warenhaus GmbH from Berggruen Holdings. Berggruen Holdings is going to withdraw from Karstadt Warenhaus GmbH, Karstadt Premium and Karstadt Sports as well as from from each property. The deal ends weeks of speculation over the company's future after the CEO left in July. Rene Benko will pay just €1 for the department store chain. Karstadt operates more than 80 stores across Germany and employs more than 17.000 people.

Benko's Signa Buys Karstadt for €1 / Picture: © Wikipedia / Atrm

Austria's Signa Holding takes over struggling German department store chain Karstadt.

Signa acquires a 100 per cent stake in Karstadt Warenhaus GmbH from Berggruen Holdings.

Berggruen Holdings is going to withdraw from Karstadt Warenhaus GmbH, Karstadt Premium and Karstadt Sports as well as from from each property.

The deal ends weeks of speculation over the…

This article includes a total of 94 words.

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