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At Galeria Kaufhof, some branches still have a chance despite insolvency

2022-11-28T03:51:25.039Z

At Galeria Kaufhof, some branches still have a chance despite insolvency Created: 11/28/2022, 4:45 am By: Dominik Jahn The department store chain Galeria Kaufhof is in the middle of bankruptcy. Things are looking bad for some locations, others have already been secured. Experts have looked at what speaks for and against a branch. How will Galeria Kaufhof continue after the bankruptcy? Which br



At Galeria Kaufhof, some branches still have a chance despite insolvency

Created: 11/28/2022, 4:45 am

By: Dominik Jahn

The department store chain Galeria Kaufhof is in the middle of bankruptcy.

Things are looking bad for some locations, others have already been secured.

Experts have looked at what speaks for and against a branch.

How will Galeria Kaufhof continue after the bankruptcy?

Which branches have a future?

When asked by 

echo24.de

 , the department store chain explained how it would proceed a few days ago.

But which reasons can ultimately decide on a location?

A labor of love for some experts.

An economist even draws a somewhat drastic comparison with the discount chain Aldi, where Galeria Kaufhof does not fare well.

If Galeria boss Miguel Müllenbach has his way, about a third of the 131 stores will be closed.

Galeria Kaufhof in bankruptcy: New concept should help

According to a report in the

Handelsblatt

(behind the payment barrier), Johannes Berentzen, retail property specialist and managing director of BBE Handelsberatung, predicts that

“less than 100 department stores will remain”

in the end .

Other experts even expect only 50 department stores that will not be closed.

Company:

Galeria Kaufhof

CEO:

Miguel Mullenbach

Founding:

1879, Stralsund

Founder:

Leonard Tietz

Resolution:

2020

When asked about echo24.de

,

Galeria Kaufhof contradicted the gloomy forecasts and also referred to the new concept.

Galeria 2.0 should therefore save more branches than many assume.

One wants to "react even more specifically to the needs of the local population".

Three types of department stores are planned.

Whatever the case, Galeria Kaufhof renovators Arndt Geiwitz will cut costs.

That's why Galeria 2.0 is already saving these Kaufhof branches

After all, the Galeria 2.0 concept could already have saved some branches.

According to the Handelsblatt article, this includes three houses.

They were extensively renovated for the realignment in October 2021: Frankfurt Hauptwache as an example of a "cosmopolitan city building", Kassel as a so-called "regional magnet" for medium-sized towns and Kleve as a "local forum" for smaller towns.

According to the article in Euskirchen, there should also be good chances after modernization, as well as the department stores in Fulda and Koblenz and the branches in the Centro shopping centers in Oberhausen and in the Alstertal center in Hamburg.

Top locations that Galeria Kaufhof will not close in the event of insolvency

The absolute top locations for Galeria Kaufhof should also not be affected by any closures.

Here the Handelsblatt says:

“In Berlin, where Galeria has ten houses, only the magnificent building on Alexanderplatz belongs to this category.

In the east, the house on Leipzig's Neumarkt also belongs to this ranks.

The employees in the stores on Hohe Strasse in Cologne, on Königsallee in Düsseldorf, Königsstrasse in Stuttgart, Munich's Marienplatz, Mönckebergstrasse in Hamburg and at the Hauptwache in Frankfurt also need not worry.”

The overview:

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  • Stuttgart Koenigstrasse

  • Berlin at Alexanderplatz

  • Frankfurt main guard

  • Leipzig on the Neumarkt

  • Hamburg Moenckebergstrasse

  • Cologne High Street

  • Dusseldorf Koenigsallee

  • Munich Marienplatz

Heilbronn can also hope that Galeria Kaufhof will continue to operate.

Because, as it is said, the owner, Signa Holding, is still a co-owner of almost 50 department stores.

These include: Aachen, Heilbronn, Würzburg, Münster (Ludgeristraße) and Mannheim.

A closure will probably only take place here if Signa already has its own new plans for the locations.

Galeria Kaufhof: Insolvency branches will close at double locations

It becomes problematic for locations where there are “double or multiple locations in many cities” due to the merger of Kaufhof and Karstadt.

Saarbrücken, Regensburg and Nuremberg are considered double locations, where only one branch is likely to survive.

Protective Shield Proceedings

According to the definition, the protective shield procedure is a special type of procedure under German insolvency law.

It combines provisional self-administration with the aim of submitting an insolvency plan at an early stage in order to facilitate the restructuring of companies. 

Branches of Galeria Kaufhof, which according to experts will almost certainly have to close, are the houses in Halle and Hanover (An der Marktkirche) - here the lease expires at the end of January 2023.

In Berlin-Wedding, the closure is planned for the end of 2023.

Those responsible do not make any very specific statements as to which locations will actually have to close in the end.

Geiwitz explains: “It is not yet clear which houses will be closed.

Whether a location can be retained will also depend heavily on these talks.

We assume that there will be clarity on this in the course of January next year.”

Source: merkur

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