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.
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Berggruen earlier said it was teaming up with US fashion company BCBG Max Azria Group to help with merchandising and product sourcing for Karstadt.
