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Hudson's Bay nears decision over possible acquisition of Kaufhof

RBR Staff Writer Published 25 May 2015

Canadian retailer Hudson's Bay is likely to confirm plans whether to submit a bid to acquire German department store chain Kaufhof from Metro by June this year.

Kaufhof

Founded in 1846, Galeria Kaufhof owns and operates department stores in Germany and Belgium. It offers fashion and lifestyle products.

Kaufhof employs 21,115 people across its 135 locations. It generates around €3.1bn in annual sales.

The sale of Kaufhof forms a part of Metro's strategy to focus on developing its cash-and-carry and consumer electronics businesses.

Austrian investor Rene Benko has also offered $3.2bn to acquire Kaufhof, Reuters reported citing a person familiar with the matter.

Benko is supposedly planning to merge his department store chain Karstadt with Kaufhof, if the deal takes place

Metro has, however, not reached any decision yet.

Metro spokesman said: "It is correct that various discussions are taking place within this context, but no results or decisions have yet emerged.

"We will not comment on any speculations about a possible sale of Galeria Kaufhof."

Hudson's Bay owns and operates department stores in Canada and the US.

As of 6 May 2015, it operated 90 full-line department stores and two outlet stores under the Hudson's Bay name; 50 full-line department stores and four outlet stores under the Lord & Taylor name; 39 stores and five international licensed stores under the Saks Fifth Avenue name; 81 stores under the Saks Fifth Avenue OFF 5TH name; and 67 kitchen, bed, and bath specialty superstores under the Home Outfitters name.


Image: Galeria Kaufhof store. Photo: courtesy of Raimond Spekking.