The group of 154 creditors agreed on an insolvency plan by administrator Klaus Hubert Görg, creating conditions for divestiture.
The plan includes the sales of 120 stores across Germany, where about 25,000 employees work. Offers will be accepted until April 23, and creditors hope to complete the sale by April 30.
There is a “justifiable expectation” that an investor will put in a viable offer by then, Görg said.
Karstadt became insolvent in summer of 2009 when its parent company, retail and tourism giant Arcandor, went bust. Arcandor has already sold off its mail order subsidiary Quelle.
Since the sales process began for Karstadt in January there have been “promising discussions” and a “chain of companies” considering an investment, Görg said.