The deadline for submitting takeover bids for the insolvent Galeria department store chain ended on Saturday. Now the insolvency administrator Stefan Denkhaus and the head of the company, Olivier van den Bossche, commented on how to proceed.

According to the company, a total of four binding purchase offers were received. The provisional bankruptcy administrator said that now “they will finally negotiate a purchase” with two of them. This was agreed with the meeting of creditors.

This is how things continue with the Galería department store chain

“Both interested parties have extensive experience in German retail and also have the necessary funds for the upcoming investment,” says Denkhaus. He declined to name potential investors.

Former Galeria director Stephan Fanderl, the fashion chain P&C and the Düsseldorf financial investor Droege were mentioned again and again. They could take over parts or the entire Galeria-Karstadt-Kaufhof empire.

According to the bankruptcy administrator Denkhaus, these are companies with a German background and international financial partners. The deals showed “that department stores are alive and have a future,” says Denkhaus.

The objective of the planned transaction is to maintain “60 plus x” branches. “We fight for every branch.” More closures are still likely. Galeria currently operates 92 stores and employs around 15,000 people.

Gallery goes bankrupt for the third time

The company filed for bankruptcy at the beginning of January before the district court in Essen. It is the third bankruptcy in three and a half years. Last weekend the deadline to submit binding purchase offers ended. Denkhaus wants to close the sale in April.

At the end of March, the lawyer must submit a report to the competent district court demonstrating that the grounds for the declaration of insolvency exist and that the costs of the procedure are covered. If this is the case, the court may open insolvency proceedings. With the opening, creditors can register their claims against the Galeria Karstadt Kaufhof. The department store chain currently has 92 branches and, according to its own data, employs around 12,800 people.