German department store chain Karstadt is finally under new ownership after an administrative court in Essen approved plans from Berggruen Holdings to take over the company in a move that protects more than 25,000 jobs.
Berggruen, which is headed by financial investor Nicolas Berggruen, has been in line to acquire the chain – previously owned by collapsed corporation Arcandor AG – since June. But it has been caught up in negotiations over rental terms for the chain’s store portfolio, most of which is owned by the Highstreet partnership.
Berggruen earlier said it was teaming up with US fashion company BCBG Max Azria Group to help with merchandising and product sourcing for Karstadt.
