Germany’s last major department store chain Galeria Karstadt Kaufhof is set to close 16 of its 92 shops, company sources told dpa on Friday. Insolvency administrator Stefan Denkhaus will on Saturday announce a rescue plan for the bankrupt group with details of the locations affected and prospective timetables. Of the approximately 12,800 people employed by the company, 1,400 are set to lose their jobs. Denkhaus recently announced that half of the 900 jobs at the group headquarters in Essen would be cut. Galeria’s new owners, a consortium consisting of US private equity firm NRDC and German ent…