The department stores chain said that deal was approved by its creditors and its private equity owner Sun Capital Partners.
Strauss expect to have an insolvency plan in place in the final quarter of this year, the company told Reuters.
The company currently operates 79 stores in Germany.
In June this year AltAssets reported that Sun Capital had passed the $2bn for its slow-moving flagship fundraise.
AltAssets revealed in late 2012 that the firm’s anticipated first close was delayed amid the fallout of Hurricane Sandy, which devastated lives across the Caribbean and US east coast
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