Germany's last large department store chain, Galeria Karstadt Kaufhof, had to file for bankruptcy in the spring.
But now the company has a future.
Many stores will close anyway.
Essen - The department store chain Galeria Karstadt Kaufhof gets a new chance.
The Essen District Court lifted the insolvency proceedings on Wednesday that affect the department store group and its subsidiaries Karstadt Sport, Karstadt Feinkost, Le Buffet and Dinea, according to a judicial spokesman.
The creditors had previously approved the insolvency plans drawn up by the company's management. The redevelopment plans envisage the closure of more than 40 department stores and the loss of thousands of jobs. Almost 130 department stores and around 16,000 jobs will be retained. Galeria Karstadt Kaufhof had to seek rescue in protective shield proceedings at the beginning of April in the course of the corona crisis. (dpa)