Central Group takes over business operations of the KaDeWe Group
Published: Friday, Jun 14th 2024, 13:30
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The three department stores are among the most prestigious that Germany has to offer - and became commodities themselves with the collapse of the Benko empire. Now their operations are in Thai hands.
The business operations of the luxury department stores KaDeWe (Berlin), Oberpollinger (Munich) and Alsterhaus (Hamburg) will be sold to the Thai Central Group. A contract to this effect has been signed with the KaDeWe Group, according to information published by the German Press Agency on Friday. A purchase price was not initially disclosed.
According to the information, the contract is still subject to antitrust issues, among other things. In addition, Central is now in talks with the landlords of the stores in Munich and Hamburg about the rental conditions. According to the Senate, Central took over the KaDeWe building in Berlin itself in April for one billion euros.
Central already held 50.1 percent of the KaDeWe Group before the complete takeover of operations. 49.9 percent belonged to the collapsed Signa group of companies owned by Austrian investor René Benko. In January, the group filed for insolvency under self-administration. However, business operations in the department stores continue.
Central Group also participates in Globus
In Switzerland, the Central Group holds a stake in the Globus department store chain together with Signa. The parent company of Magazine zum Globus AG, as the department store group is known, has recently been given more time to settle its affairs.
Signa European Invest Holding AG, through which the Signa conglomerate holds its 50 percent stake in Globus, has been granted a definitive debt-restructuring moratorium. This expires on August 12. The provisional debt-restructuring moratorium previously granted would have expired on April 12 (today).
Conglomerate from Thailand
The Central Group is a conglomerate owned by the Chirathivat family, one of the richest families in Thailand. Forbes estimated their assets at 12.4 billion dollars in 2023. The group is based in Bangkok and operates supermarkets, department store chains, hotels and restaurants.
In addition to its shares in department stores in Germany, the Central Group also holds stakes in La Rinascente in Italy and Selfridges in the UK, among others.
Opened in 1907, the KaDeWe ("Kaufhaus des Westens") became a symbol of consumption and purchasing power in the post-war period. It has over 60,000 square meters of shopping space in the heart of the capital. In addition to fans of luxury goods, thousands of tourists also make their way to the renowned building every day.
©Keystone/SDA
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