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Two bidders in talks to buy German retail giant Galeria

Reuters
·1-min read
FILE PHOTO: Austria's Rene Benko aims to close a third of its German Galleria Karstadt Kaufhof warehouses

DUESSELDORF (Reuters) - The insolvency manager of German department store giant Galeria Karstadt Kaufhof said on Tuesday it will hold talks with two bidders who want to buy the nation's most prominent retailer that filed for insolvency after the collapse of its parent Signa.

Galeria, currently under supervision of the insolvency manager, had been seeking a new owner after being hit by problems at Signa, the Austrian-based property empire that has become the biggest casualty so far in Europe's real-estate crisis.

The deadline for binding final bids for Galeria was over the weekend.

Four investors had placed offers for the chain, the insolvency manager, Stefan Denkhaus, told journalists.

He didn't name the bidders but said they had international financing and were interested in taking over more than 60 stores.

More than 90 stores are currently listed on its website.

(Reporting Matthias Inverardi; writing by Tom Sims; editing by Rachel More, Kirsten Donovan)