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Richard Baker's private investment firm, Bernd Beetz Partner in Galeria takeover in Germany

Germany's only remaining major department store chain is set to get new owners after its third spell in bankruptcy protection in four years, and the company aims to keep most of its stores open, its insolvency administrator said Wednesday. Galeria Karstadt Kaufhof is to be taken over by a consortium of U.S. private equity firm NRDC Equity Partners, which currently has investments in Hudson's Bay of Canada and Saks Fifth Avenue among others, and German businessman Bernd Beetz's BB Kapital SA.

Galeria, the nation's most prominent retailer, earlier this year began the search for new owners after filing for insolvency following the collapse of its parent Signa.

The new owners of Galeria Karstadt Kaufhof, which for now also includes Inno, would retain some 70 department stores.

BERLIN (Reuters) -A consortium including Hudson Bay Company CEO Richard Baker's investment firm NRDC Corp is set to take over German department store chain Galeria, two sources familiar with the matter told Reuters on Tuesday. A spokesperson for Galeri...