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BERLIN (Reuters) -A consortium together with Hudson (NYSE:) Bay Firm CEO Richard Baker’s funding agency NRDC Corp is about to take over German division retailer chain Galeria, two sources conversant in the matter instructed Reuters on Tuesday.
A spokesperson for Galeria’s insolvency administrator Stefan Denkhaus declined to remark.
The famend chain got here up on the market following the collapse of Rene Benko’s Signa conglomerate, and closing negotiations with two bidders have been going down in latest days.
Each potential patrons meant to proceed working Galeria as a complete, Denkhaus mentioned just lately on a name with journalists.
The consortium will likely be led by NRDC and German businessman Bernd Beetz, former head of cosmetics firm Coty (NYSE:) and a former supervisory board chairman at Galeria.
Germany’s Handelsblatt enterprise each day first reported that NRDC would obtain the contract.
Galeria slipped into insolvency for the third time in roughly three years in January after being hit by issues at Signa, the Austrian-based property empire that has turn into the largest casualty thus far in Europe’s real-estate disaster.
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