Galeria department store chain undergoes insolvency proceedings

Galeria Karstadt Kaufhof, a department store chain that faced bankruptcy, is now on the path to recovery thanks to the Signa-Conglomerate of companies, led by René Benko. The Essen district court has opened standard insolvency proceedings for the company, allowing creditors to register their claims with the appointed insolvency administrator, Attorney Stefan Denkhaus.

The binding offer period has ended, and two bidders with extensive experience in German retail and sufficient funds for the necessary investment are now in final negotiations. The insolvency administrator aims to complete the sale in April, with the final decision to be made by creditors in a meeting scheduled for May 28th.

Since filing for insolvency in January, Galeria Karstadt Kaufhof has been working hard to navigate its way out of financial instability. The department store chain has already halved its number of branches, and there are still uncertainties about how many will be retained after the sale. However, the goal is to preserve at least 60 branches while optimizing rental costs and closing unviable locations if necessary.

The future of Galeria Karstadt Kaufhof’s remaining stores will depend on ongoing negotiations with landlords and the willingness of creditors to support the insolvency plan. The goal is to ensure long-term viability while minimizing job losses and maximizing operational efficiency.

By Sophia Gonzalez

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