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Thailand's Central buys rest of German luxury retail business KaDeWe

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FRANKFURT : Thai retailer Central Group agreed to acquire the assets it has not already secured in KaDeWe Group, a chain of landmark department stores in Germany, part of tycoon Rene Benko's folded property empire.

FILE PHOTO: People enter the department store Kaufhaus des Westens "KaDeWe" in Berlin, Germany January 29, 2024. REUTERS/Annegret Hilse/File PhotoFRANKFURT : Thai retailer Central Group agreed to acquire the assets it has not already secured in KaDeWe Group, a chain of landmark department stores in Germany, part of tycoon Rene Benko's folded property empire.

Central would continue to run the stores and would now seek to renegotiate the rent agreements for the retail outlets, administrator Christian Graf Brockdorff said in a statement issued by KaDeWe Group, without disclosing financial terms.

 

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