In the crisis of the German department store group Galeria, the cornerstones of the insolvency plan are now available: instead of the previous 120 branches, there is now a threat of a reduction to only 60 branches. However, a definitive list of closures is not yet available.
The German department store group Galeria (created from the merger of Karstadt and Kaufhof) is now getting to work: As the respected “Süddeutsche” reports, half of its 120 branches have to be closed due to the economic problems.
Clearly less than expected
There should be a discount especially in cities with multiple locations (Hamburg has five Galeria department stores, for example). The company is in self-management insolvency proceedings. The clearcut turns out to be slightly smaller than expected. There are also reports of up to 90 locations being affected.
Retail group is looking for a new top manager
The number of approximately 17,000 employees is still being negotiated. There are interested parties for some locations: The fashion house from Aachen could take over several department stores.
René Benko is looking for a new top manager for his retail group (which also includes the Kadewe Group or Leiner/Kika). The interview is with an Austrian, former Hofer boss Günther Helm.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
