Karstadt will be bought by Russian investors

Arthur Pakhomov buys German Karstadt

In brief: Karstadt for sale. The first investors who can buy a German dealer network are the representatives of Russian business.

A group of Russian investors led by St Petersburg businessman Arthur Pakhomov did Germany’s retail chain Karstadt offer to purchase 100% of its shares. According to the newspaper, investors offer to pay for the retailer double-digit amount in millions of euro, to finance the work of the shops in the pre-Christmas season of 2010, as well as to invest around 80 million euros a year to ensure its long-term prospects in the market and expansion abroad.

Mr. Pakhomov – CEO of the company “Karoteks”, co-owner of several companies that own hotels in St. Petersburg, guest houses around the city and implementing projects in the field of woodworking. He was four in a row contender for the purchase of Karstadt, which is in the process of bankruptcy. Karstadt spokesman confirmed receipt of another offer to purchase, but did not call the name of the new challenger. The other contenders are a consortium of Highstreet, led by Goldman Sachs, the investment firm Triton and billionaire Nicolas Berggruen. Committee of creditors Karstadt plans to select a buyer by June 9. The network includes 120 Karstadt department stores.

Ukrainian Globalist
2010-05-30 14:52, Economics.

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