Creditors accept Galeria's insolvency proposal; administrator feels relieved.
Galeria Karstadt Kaufhof's bankruptcy plan involves shutting down branches and cutting jobs. The court has already given its approval to the bankruptcy plan, which will become legally binding in two weeks.
Karstadt Kaufhof, a retail group, filed for bankruptcy in January, making it their third bankruptcy in a few years. In April, an American investment company called NRDC Equity Partners along with entrepreneur Bernd Beetz revealed their intentions to take over Karstadt Kaufhof's department store chain.
As part of the takeover process, Karstadt Kaufhof plans to close 16 of its 92 stores. This will result in the loss of around 1,400 jobs, which could predominantly come from their central office located in Essen.
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Source: www.stern.de
