The closing date for the offer is March 8 at the latest

The search for a new owner for struggling German department store group Galeria Karstadt Kaufhof (GKK) has now officially begun. GKK, which is currently part of the also insolvent Signa Group around Tyrolean investor Rene Benko, announced on Wednesday that a structured investment process had begun with the approval of interim insolvency administrator Stefan Dinckhaus and the interim creditors committee.

Experienced investment banks were brought in for this purpose. “First and foremost, we are addressing potential investors who have an operational interest in Galleria. Our goal is to find a sustainable solution for department stores that allows for in-depth planning,” says Dinkhaus.

Galleria sale schedule

Potential interested parties must submit a non-binding declaration of intent to purchase with a detailed commercial concept by February 11. In the second stage, binding offers must be submitted by March 8 at the latest.

Galleria filed for bankruptcy in the Essen District Court at the beginning of January. This is the third bankruptcy in three and a half years. The goal is to keep the company going. The department store group is looking for a new owner. Discussions have already taken place. Denkhaus recently stated that there are “more than two potential parties” involved.