At first it sounds like bizarre news: Bernd Beetz, a 73-year-old ex-manager, and Richard Baker, a US billionaire who is decried as a dandy, want to save Galeria Karstadt Kaufhof. More precisely, what’s left of it, a good 70 of only 92 branches. It was only six years ago that Baker failed to transform Kaufhof’s decline into the success story that had been widely announced.
The takeover is the best thing that could have happened to Galeria – economics
