According to German business publication Handelsblatt, US investor NRDC Equity Partners is to be granted the contract to operate the 92 locations of the German department store chain Galeria Karstadt Kaufhof.
NRDC is the investment company of Canadian entrepreneur Richard Baker, who also owns a majority stake in the North American department store companies Hudson Bay Company and Saks Fifth Avenue. Baker owned Kaufhof via HBC for four years and sold the department store chain to the Signa Group in 2019, which then merged Karstadt and Kaufhof.
Insolvency proceedings for Galeria Karstadt Kaufhof were opened at the end of March at the Essen Local Court.
