René Benko doesn’t seem to have had much luck lately: after the bankruptcy of his department store group Galeria Karstadt Kaufhof (GKK), the department store juggler has to accept heavy losses at his online sports store.
According to a current ‘Bloomberg’ report, Benko made a loss of 566 million euros at Signa Sports in the financial year that ended at the end of September. This is evident from the now published annual report of Signa Sports. According to the well-known press agency, the main reason for the dark red figures is a write-down of 244 million euros on bicycle dealer Wiggle Group, which Signa Sports took over at the end of 2021 as part of the IPO.
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.
