Cigna: An American businessman wants to reach the Galleria

Richard Buckler is said to be one of the interested parties. Contracts with one of the bidders are expected to be concluded in April.

According to a media report, the family office of American businessman Richard Baker (NRDC) is one of the remaining bidders for the bankrupt department store chain Galeria Karstadt Kaufhof, which is part of the Signa Group. The National Development and Reform Commission wants to make a binding offer on Monday, the newspaper WirtschaftsWoche reported on Friday, citing several people familiar with the matter.

A spokesman for Galleria's insolvency administrator Stefan Dinkhaus said: “We do not comment on the bidding process.” However, Baker is no stranger to the Galleria. Before the merger with Karstadt, he had already been the owner of Galeria Kaufhof for several years through the Canadian retail chain Hudson's Bay Company (HBC), which was part of his portfolio. HBC sold the chain to the Signa Group of Tyrolean investor René Benko, who merged the department store groups to form Galeria Karstadt Kaufhof.

Dinkhaus said at the end of March that he was in talks with two bidders about taking over Galleria. He wants to conclude contracts with one of the bidders in April.

Galleria goes bankrupt for the third time

At the beginning of January, Galeria Karstadt Kaufhof filed for bankruptcy for the third time in just over three years, and Dinckhaus took the reins. The defect is the result of the bankruptcy of the Benco Cigna empire, to which Galleria belongs. Some of the department store properties are also part of the insolvent Signa. Galleria chairman Olivier van den Bosch and Dinkhaus want to preserve the group, which currently has around 12,800 employees, and are looking for a new owner. (APA/Reuters)