Karstadt Administrator: Bidding Process Extended To June 9

The sale of German retailer Karstadt has been delayed for a "last time" to June 9, the insolvent department store chain said in a statement late Friday, adding that the deal will definitely be signed on that day.

In a statement the company said the deadline for the sale was extended in a meeting between Karstadt's insolvency administrator Klaus Hubert Goerg and the retailer's creditors.

Real estate consortium Highstreet confirmed it is one of the bidders, but declined to offer details. Highstreet, led by Goldman Sachs Group Inc. (GS), is a major property owner of Karstadt stores and is largely considered the most likely candidate to take over the company.

Private investment funds Berggruen Holdings and Triton also confirmed they had made bids. Previous non-binding offers made by both bidders called for additional talks with labor unions and property owners.

Karstadt is a former unit of Arcandor AG, the giant German retail and tourism company that filed for insolvency last year.

-By Frankfurt Bureau, Dow Jones Newswires; +49 69 29725 500; djnews.frankfurt@dowjones.com

Arcandor (GM) (USOTC:ACAGF)
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