Germany's Galeria Karstadt department stores file for bankruptcy
German department store chain Galeria Karstadt Kaufhof (GKK) has filed for insolvency at the Essen District Court, the company announced on Tuesday. Galeria is therefore looking for a new owner. Talks with potential investors have already begun and the aim is to continue Galeria's operations. Galeria chief executive Olivier van den Bossche said: "Galeria's operational success is burdened by the framework conditions of the old ownership structure. We expressly see today as a liberating blow." The
Source: yahoo.com
