After the bankruptcy of Kika/Leiner, it is now known that furniture giant XXXLutz has purchased eleven closed Kika/Leiner locations. This came to an end in the summer of 2023. What does the Welsh trading giant plan to do with the properties? He doesn’t show his cards yet.
Frank Albert’s Supernova Group recently sold eleven former Kika/Leiner locations to XXXLutz Group’s SAR Leasing GmbH, as confirmed by XXXLutz spokesperson Thomas Saliger. Upon request, Supernova confirmed the sale, which affects, among others, the former furniture stores in Steyr, Vöcklabruck, Amstetten, Horn, Mistelbach, St. Johann im Pongau and Unterwart.
As part of the first insolvency proceedings, Kika/Leiner closed a total of 23 of its 40 locations by the end of July 2023. They remained online with 17 stores and tried everything to complete the renovation, but of course that did not work. Kika/Leiner is expected to file for bankruptcy again on Thursday.
No active locations are affected
At the same time, it became known that a XXXLutz company had secured old Kika/Leiner properties. “This has nothing to do with the active Kika/Leiner locations, but rather with the locations that were closed a year and a half ago and acquired in a real estate package,” says Thomas Saliger. For XXXLutz, this is essentially a real estate investment, it is emphasized.
Competition watchdogs are paying attention
The transaction is also generating interest among competition watchdogs. “We have not yet received any registration,” says the Federal Competition Authority (BWB). Should Kika/Leiner finally disappear from the scene, XXXLutz should continue to expand its role as top dog in the Austrian furniture trade.
Future plans for closed Kika/Leiner locations opened
Does XXXLutz want to revive and reactivate the old Kika/Leiner houses that have been closed for more than a year? “In principle, we have sufficient branches in Austria,” says Saliger.
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.
