Germany’s insolvent department store chain, Karstadt, is close to being taken over by the billionaire investor, Nicolas Berggruen, after creditors voted for his bid.

Two other rivals were in the pitch. Formalities are expected later this week after German court approval. Karstadt has 120 stores with about 25,000 employees and its parent company Arcandor filed for insolvency nearly a year ago. Its main rival is Galeria Kaufhof, which is owned by Metro Group.