Court approves Berggruen's acquisition of Karstadt

09/6/2010 | Bloomberg Businessweek · Wall Street Journal, The

An Essen, Germany, court approved the sale of the Karstadt department-store chain to Nicolas Berggruen in a move the brings insolvency procedures to an end. Two groups of creditors have accepted the billionaire's offer for the retailer, but officials warn that challenges will continue. "We all know that Karstadt isn't out of the woods yet," said German Labor Minister Ursula Von der Leyen. "You have a realistic chance now together with Mr. Berggruen to get this company on its feet again."

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Bloomberg Businessweek · Wall Street Journal, The

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