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Investor acquires German retailer Karstadt
09
Sep '10
As billionaire investor Nicolas Berggruen, last week inked an agreement to acquire insolvent Karstadt, a Germany based retail brand, he informed that, he has reached just half way.

The investor stated that, when looked upon from the point of view of acquisition, this was rather the most difficult deal that he has struck in his career till now. But then the actual difficult task, begins now, he said.

Germany's most featured and problematic retail brand has recently been acquired by Berggruen. The brand is an extensive chain of departmental stores with around 120 outlets employing 26,000 employees.

The holding company of the retail chain, Arcandor AG turned bankrupt which raised the agony of Karstadt, since it was already was stressed due to high rents and tumbling business.

Fibre2fashion News Desk - India

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