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The creditors of Galeria Karstadt Kaufhof have approved the restructuring plan for the insolvent department store chain, announced the insolvency administrator Denkhaus. Despite the rescue, 1,400 people will lose their jobs.

After the company´s insolvency in Switzerland and Belgium in the past two months, Esprit Europe GmbH and six other German companies of the fashion group are now filing for insolvency under self-administration in Düsseldorf.

As reported by “Handelsblatt”, a buyer has been found for the insolvent department store chain. A consortium consisting of the US investment company NRDC Equity Partners and the entrepreneur Bernd Beetz wants to take over the insolvent department store chain Galeria Karstadt Kaufhof.