Galeria's Former Owner Picked to Revive Troubled German Retailer [BNN Bloomberg (Canada)]
Coty Inc. Class A (COTY)
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Source: BNN Bloomberg
The insolvency administrator of Galeria Karstadt Kaufhof chose an investment vehicle of Hudson's Bay Chairman Richard Baker and the former head of beauty retailer Coty Inc. to take over the troubled company after a bidding process. Creditors still need to approve the takeover at a meeting next month, which is the latest attempt to revive the German department store chain after a series of difficulties ranging from the coronavirus pandemic to economic headwinds and changing retail habits. The bidder is aiming to keep at least 70 stores out of 92 and maintain as many employees as possible out of about 12,000 currently, according to a statement from administrator Stefan Denkhaus. Hudson's Bay - together with Signa - orchestrated the merger of Germany's two main department store chains in 2018, before selling its stake to its Austrian partner a year later. Under Signa's subsequent leadership, Galeria filed for three insolvency proceedings in four years, the latest coming last year
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COTY
Earnings
- 2/7/24 - Beat
COTY
Sec Filings
- 4/2/24 - Form 4
- 3/6/24 - Form 4
- 2/9/24 - Form 8-K
- COTY's page on the SEC website