- The executive floor of Galeria Karstadt Kaufhof is said to be planning the closure of around 50 branches, reports the “Lebensmittelzeitung”.
- The department store group would continue with around 80 branches. So far there are 129. The cut is therefore less severe than expected: in the meantime there was talk of 90 branches that should be closed.
- The creditors’ meeting on March 27 will decide whether the top management’s restructuring concept will go through.
Around 50 branches of Galeria Karstadt Kaufhof are to be closed according to the will of the management of the department store group, reports the “Lebensmittelzeitung”, citing “insiders”. The department store group would continue with around 80 branches, so far there are 129. The cut is therefore less severe than expected: in the meantime there was talk of 90 branches that should be closed.
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On March 27, the creditors’ meeting will decide whether the top management’s restructuring concept will go through. The department store group went into protective shield proceedings last year and is now in insolvency under self-administration.
According to the “Lebensmittelzeitung”, the insolvency plan states that so far there has only been limited interest in buying up individual branches. A sale of the entire group would not make economic sense: “In view of Galeria’s operational financing needs, it is not unlikely and more likely based on experience that there is a so-called 1-euro deal at the end of a transaction process,” the newspaper quotes the insolvency plan. A purchase offer for the entire group is also not available.