April 12, 2014 / 1:30 PM / in 4 years

Germany's Strauss attracts potential buyers, paper

FRANKFURT (Reuters) - Strauss Innovation, a German chain of small department stores, has attracted several potential buyers after it sought court protection from creditors in January to try to rescue its business, a German magazine said on Saturday, quoting its administrator.

Andreas Ringstmeier told weekly WirtschaftsWoche some of the interested parties were financial investors with experience in retail industry and had already submitted their indicative bids.

Hans Peter Doehmen, who is advising Strauss on restructuring, told the magazine there was a good chance that creditors would get some of their money back. “Our goal is to get binding offers in April, conclude an agreement in May and present the investor by June at the latest,” he said.

Strauss, owned by U.S. private equity firm Sun Capital Partners, was founded in 1902 in the western city of Duesseldorf and employs 1,400 staff.

Reporting by Marilyn Gerlach; Editing by Alison Williams

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