Karstadt and Kaufhof now owned entirely by Signa
Signa Group is taking over the department store company Galeria Karstadt Kaufhof in its entirety. The group led by Rene Benko has agreed to the deal with Hudson’s Bay Company (HBC). HBC has been holding 49.99 % of the enterprise created by merger last year, Signa owned 50.01 %. Apart from the operative business, Signa is also taking over all of the properties, 59 department stores in total, of which the parties had each held 50 %. All transactions taken together, HBC has stated, added up to a volume of about €1bn. Signa deposited about €100mn upon signing the contract, the deal is to be closed by fall. The agreement further stipulates that the Belgian Galeria Inno also belongs entirely to Signa, while Hudson’s Bay Netherlands remains in Canadian hands. Signa will now continue the ongoing restructuring in order to make the department store chain fit for the future, Retail Manager Stephan Fanderl has announced.
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