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State wants to save Galeria Karstadt Kaufhof: Expert doubts legitimacy - "Hardly a chance"


The federal government wants to save Galeria Karstadt Kaufhof with a cash injection - but one expert is skeptical whether the money will ever be paid back. There is also a suspicion.

The federal government wants to save Galeria Karstadt Kaufhof with a cash injection - but one expert is skeptical whether the money will ever be paid back.

There is also a suspicion.

  • Galeria Karstadt Kaufhof

    is plagued by financial hardship - and could now


    public funding


  • The

    federal government

    would like to support the traditional department store chain with a loan.

  • But there is


    : would the state ever see the money again?

    Meanwhile, the

    group is being


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Berlin / Munich - The topic of

Corona economic

aid for companies in crisis is polarizing.

Is financial support from the state justified if a previously tried and tested business model is supposedly threatened with extinction?

Galeria Karstadt Kaufhof

has a traditional background - but problems for a long time.

Last but not least, the department store chain is also troubled by developments in the

digital age

; the merger of

Galeria Kaufhof



has apparently not really improved the situation.

Due to


, the situation worsened in 2020: Over 100 branches of


in pedestrian zones in Germany were well-attended department stores, but these times are over due to the lockdown measures *.


federal government

would like to support

Galeria Karstadt Kaufhof

with an enormous sum of 460 million euros, the economic stabilization fund has already given the "green light".

Galeria Karstadt Kaufhof: Mega loan for a troubled group?

"Hardly any chance of repayment"


would like to


the company, which is owned by the Austrian

Signa Holding

, to secure jobs and to overcome the difficult situation.


financial aid offered

by the

federal government


is a


that is subject to certain conditions


However, it is not yet clear whether the department store group, whose future has been on the brink for a long time, will make use of the support.


Tug of war for Galeria Karstadt Kaufhof am Stachus.

The department store chain is being investigated for delaying bankruptcy.

© IMAGO / Sven Simon

However, the chairman of the Monopolies Commission, an advisory body to the

coalition in Berlin *

, is critical of state support and doubts that a rescue operation is not shaped by sustainability: “The rather less good” prospects of the company against the background of

slow digitization are

“problematic “, Judges Jürgen Kühling to the



For taxpayers, the fact that it is only a

subordinated loan is



As Kühling explains, there is "little chance of repayment in the event of bankruptcy".

Galeria Karstadt Kaufhof: Corona is troubling the chain - Was there a delay in bankruptcy?

And there is another problem: the

Essen public prosecutor's office is

investigating Galeria Karstadt Kaufhof for

delaying bankruptcy


However, the initial suspicion has not yet been confirmed, announced a judge spokeswoman.

GKK had

filed for insolvency

in self-administration

in April of last year


The investigators are investigating the allegation that


should not

have been


until March 2020, but earlier


The unusual thing




- it is based on a criminal complaint from a private person and not as usual ex officio.

(PF with AFP / dpa) * is an offer from the Ippen Digital Network

List of rubric lists: © IMAGO / Sven Simon

Source: merkur

All news articles on 2021-01-29

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