With the case of real estate young René Benko, the German department store chain has also been in serious problems. According to the new co-owner, the turnaround seems to be realized: the Galeria is in black again.
After the insolvency procedure was completed in the summer, according to co-owner, the Galeria started the new financial year profitably. “All 83 branches are in black,” entrepreneur Bernd Beetz told Düsseldorfse Handelsblatt.
Galeria applied for the bankruptcy for the third time in just a few years in January 2024, after the department store chain ran into problems as a result of the bankruptcy of Signa.
Name and vacancies deleted
In April, a consortium consisting of the American investment group NRDC Equity Partners and the investment company BB Kapital SA by Bernd Beetz took over the department store chain from Signa. Among other things, they deleted the names Kaufhof and Karstadt and deleted about half of the jobs at the head office in Essen.
Galeria is now a ‘flexible company managed by the owner’, Beetz told the newspaper. For the current year, Galeria wants to increase sales by around 500 million euros to 2.5 billion euros. According to Beetz, the department store chain was last profitable ten years ago.
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.
