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Signa insolvency without consequences for Galeria for the time being

2023-11-29T13:50:41.865Z

Highlights: Signa insolvency without consequences for Galeria for the time being. Branches in Berlin, Bielefeld, Darmstadt, Heidelberg, Stuttgart and Wuppertal are affected. According to the company, 92 stores will remain in the end. The legally binding restructuring plan provided for the closure of around a third of the 129 branches. Some of the locations have already been closed this year, and almost 20 more will close their doors in January 2024. At the end of 2022, Germany's last large department store group had to seek rescue in protective shield proceedings.



Status: 29.11.2023, 14:31 PM

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The Galeria Kaufhof lettering is attached to a branch of the Galeria Karstadt Kaufhof department store chain. © Thomas Banneyer/dpa

At the department store group Galeria Karstadt Kaufhof, business circles initially expressed restraint on Wednesday about the insolvency of Signa Holding GmbH. "The situation does not have an immediate negative impact on Galeria at the moment. We will calmly await the outcome of this orderly procedure," it said. Jürgen Ettl, the chairman of the general works council of Galeria, did not want to comment on the topic when asked.

Berlin - Signa Holding GmbH, owned by Austrian real estate and retail entrepreneur René Benko, announced insolvency proceedings this Wednesday. The holding company will apply to the Commercial Court of Vienna for the opening of restructuring proceedings under self-administration, the Signa Group announced.

Signa's real estate and retail group consists of a complex network of companies with several hundred individual companies. This also includes Galeria Karstadt Kaufhof. Signa's difficulties could therefore possibly also have a negative impact on the financially troubled department store group.

At the end of 2022, Germany's last large department store group had to seek rescue in protective shield proceedings for the second time. In March 2023, the creditors' meeting approved the insolvency plan and cleared the way for the restructuring. Signa had pledged 200 million euros for this purpose. The first 50 million is reportedly to flow in February.

The legally binding restructuring plan provided for the closure of around a third of the 129 branches. Some of the locations have already been closed this year, and almost 20 more will close their doors in January 2024. Branches in Berlin, Bielefeld, Darmstadt, Heidelberg, Stuttgart and Wuppertal, among others, are affected. According to the company, 92 stores will remain in the end. Dpa

Source: merkur

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