When René Benko makes plans, he is usually not stingy with superlatives: So months before Signa Sports United was first listed on the New York Stock Exchange (NYSE), there was talk of the “largest IPO in the German-speaking world for many years.” ” and a valuation of up to four billion euros Six months after the first blow to the stock exchange floor, the disillusionment is turning again.
Certainly if you take a close look at the balance sheet figures for the first half of the year, which Signa Sports United recently had to present: there is a bitter net loss of 202 million euros. Also remarkable from the investor’s point of view: the advisory costs, which in the second quarter – compared to the same period last year – increased from 2.5 to 11.8 million euros. Signa Sports United even spent 31.4 million euros on unspecified advisory services in the first half of the year, according to Signa’s explanation to the stock exchange supervisor.
Signa Sports United was brought to the New York Stock Exchange in mid-December 2021 by Benko and his busy Signa Retail boss Dieter Berninghaus. However, the share had fallen in value within a few days, so the Swiss Handelzeitung reported a “flop” before Christmas: “A successful debut looks different.”
Construction site Galeria Karstadt Kaufhof
Business luck seems to have left the department store juggler: just a few days ago, “Manager Magazin” reported a dark red balance sheet at Benko’s German goods trading company Galeria Karstadt Kaufhof: According to this, the company, which is part of the Signa Group, had a turnover of 2, 1 billion euros to digest an annual deficit of 622 million euros. Only thanks to the German state, which would have allocated more than 200 million euros as a silent participation at the beginning of 2022, “worse things could be prevented”, according to the magazine. In fact, Galeria Karstadt Kaufhof has to reckon with “losses in the range of low to mid-three-digit millions” in the current fiscal year.
Construction site South Tyrol
A closer look also reveals certain Signa construction sites in South Tyrol: According to South Tyrol media, the state departmental conference in May declared the Signa Group’s Virgl project around the world-famous Ötzi mummy “unfeasible”. There are also problems with the so-called Waltherpark: According to the “Rai Tagesschau”, water infiltrations and asbestos residues have led to considerable additional work. The controversial shopping temple is expected to open in the second half of 2024.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
