The German Karstadt department store chain to be taken over

The German Karstadt department store chain founded 133 years ago is purchased by a wealthy real estate entrepreneur the Austrian René Benko’s group is in the German department store chain Karstadt, which includes world-renowned luxury department stores, including KaDeWe Berlin.

René Benko’s company, the Signa Holding announced on Friday that they will receive the unprofitable chain of stores for free from the current owner, Nicolas Berggruen German-American financial investor.

In addition to the 84 Karstadt department stores, the Austrian entrepreneur will take over 28 Karstadt Sport Shops and the KaDeWe, the Munich-based Oberpollinger and the Hamburg-based Alsterhaus luxury department stores as well. (MTI)