Karstadt Administrator: Bidding Process Extended To June 9
May 28 2010 - 12:36PM
Dow Jones News
The sale of German retailer Karstadt has been delayed for a
"last time" to June 9, the insolvent department store chain said in
a statement late Friday, adding that the deal will definitely be
signed on that day.
In a statement the company said the deadline for the sale was
extended in a meeting between Karstadt's insolvency administrator
Klaus Hubert Goerg and the retailer's creditors.
Real estate consortium Highstreet confirmed it is one of the
bidders, but declined to offer details. Highstreet, led by Goldman
Sachs Group Inc. (GS), is a major property owner of Karstadt stores
and is largely considered the most likely candidate to take over
the company.
Private investment funds Berggruen Holdings and Triton also
confirmed they had made bids. Previous non-binding offers made by
both bidders called for additional talks with labor unions and
property owners.
Karstadt is a former unit of Arcandor AG, the giant German
retail and tourism company that filed for insolvency last year.
-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500;
djnews.frankfurt@dowjones.com
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