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Closed Kaufhof branch in Berlin: The lockdown is hard on the group
Photo: MICHELE TANTUSSI / REUTERS
The head of the department store group Galeria Karstadt Kaufhof, Miguel Müllenbach, expects major discount campaigns in the fashion trade after the end of the corona lockdown.
"There is currently a lot of pressure on goods, especially with textiles," Müllenbach told the "Bild" newspaper.
The camps are overcrowded.
"We will see more discount campaigns in clothing than ever before."
Does Karstadt need more state money?
Meanwhile, the last major German department store chain may need more government aid to survive.
"I can't rule that out," said Müllenbach.
"If the lockdown continues, we will need additional funding."
Müllenbach said that without the help of the owner Signa "there would be no department stores for a long time - and neither would the 20,000 or so jobs."
Galeria Karstadt Kaufhof received a loan of up to 460 million euros from the state economic stabilization fund (WSF) at the beginning of the year.
Müllenbach did not say how much Galeria Karstadt Kaufhof might need further help.
Everything depends on the next few weeks.
When asked whether the company burns around 100 million euros per month, Müllenbach said: "I don't want to comment, but the size is not wrong."
hej / dpa-AFX
