Jersey

European buyout firm Triton offered to acquire insolvent German department store chain Karstadt in its entirety, submitting the one and only bid to the court-appointed administrator by the Friday deadline, Reuters reported. Triton said it presented a strategic concept to continue operating the chain as a going concern, but warned it would need Karstadt's lessors and its staff to make more sacrifices before the acquisition plans could proceed.

Chrysler LLC should be required to return billions of dollars in government loans if Italian carmaker Fiat takes a majority stake in the company, a New Jersey senator said Thursday. Sen. Bob Menendez, a Democrat from New Jersey, urged President Barack Obama to prevent the auto industry bailout from being used to help foreign automakers. The Bush administration provided Chrysler with $4 billion in federal loans earlier this month to help the company reorganize and the Auburn Hills, Michigan-based automaker is seeking another $3 billion.