A last-gasp offer has been tabled for the German retailer

A last-gasp offer has been tabled for the German retailer

German department store retailer Karstadt is mulling a last-minute takeover approach from private equity firm Triton, with a decision due by the end of the week.

Triton made an undisclosed offer for the insolvent 120-store chain on last Friday's (23 April) deadline for bidders.

The firm has since met with a committee including directors, administrators and a workers' council to discuss restructuring options.

"They welcomed our proposals and this led to further decisions," a spokesperson for Triton told just-style.

A decision on the offer is due Friday, although the timetable could be widened before the end of the week, he added.

Triton is proposing to minimise job losses at Karstadt through measures such as opening concessions in other stores and sub-letting space in its own shops to partners.

Further details of the offer are not being made public by German administrators Görg.

Görg said in December it was to save 86 department stores, 26 sports outlets and 8 bargain centres, and over 25,000 jobs under an insolvency plan.

However, 1,200 employees were affected by the plan. It is unknown how many of Karstadt's 26,000 employees will be affected by Triton's restructuring.

The chain's owner Arcandor filed for insolvency in June 2009 after the German government rejected pleas for state aid. It later broke Karstadt and Primondo mail-order firm up into separate units.