What: NRDC Equity Partners is acquiring the bankrupt Galeria department store chain in Germany.

Why it is important: This acquisition is significant as it demonstrates continued interest from investment firms in reviving distressed retail brands. Galeria's acquisition by NRDC Equity Partners, led by Richard Baker, could signal a potential turnaround for the department store chain, which has faced financial struggles leading to bankruptcy. It also highlights the strategic moves by investors to expand their portfolio in the retail sector, especially in the European market.

NRDC Equity Partners, controlled by Richard Baker and his family, has successfully bid to take over the bankrupt Galeria department store operations in Germany. Partnering with Bernd Beetz, former CEO of Coty, the deal marks a significant step in the investment firm's efforts to revitalize distressed retail assets. Galeria, which operates 90 stores generating 2.2 billion euros annually, faced bankruptcy following the financial collapse of its parent company, Signa. The acquisition by NRDC, a firm distinct from the retail group HBC also led by Richard Baker, underscores the ongoing consolidation and interest in the retail sector by private investment firms. This move comes amidst speculations of Baker's potential acquisition of the Neiman Marcus Group through HBC, indicating a broader strategy to strengthen their presence in the retail industry.

Richard Baker’s private investment firm acquired Galeria in Germany