Galeria Kaufhof is to finally change hands. Metro is selling the department store chain for the equivalent of €2.8 billion to Canadian retailer Hudson’s Bay Co. The agreement includes Kaufhof’s headquarters in Cologne, 103 Galeria Kaufhof stores in Germany, 16 Galeria Inno doors in Belgium as well as 16 Sportarena specialty stores.
By opting for the Canadian solution, Metro dismisses the idea of selling the chain to Signa Retail, the company of Austrian entrepreneur, René Benko, which runs the competing Karstadt department chain. Benko had also been in negotiations with Metro to acquire Kaufhof.