German department store chain Karstadt has been bought by German billionaire investor private investor Nicolas Berggruen and luxury fashion house BCBG Max Azria.
The future Karstadt, which has about 120 doors, has been uncertain since June last year when parent company Arcandor filed for insolvency. Details of the deal have not been disclosed.
Berggruen plans to keep open all of Karstadt’s 86 stores and retain all of its 25,000 employees.
Max Azria, chairman and chief executive of the BCBG Max Azria Group, said, “Nicolaus Berggruen and myself, and our respective teams, have worked very hard for this day. I think of it as a dawn of a new era for Karstadt and its employees, whom we would like to thank for their continued support. We have very high expectations for this project that we are finally allowed to implement.”