At the beginning of 2021 and again at the beginning of 2022, the shrunken retail giant had to ask for state support in view of the pandemic. Overall, the Economic Stabilization Fund (WSF) helped the traditional company in two aid campaigns with 680 million euros – without success.
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The Galeria general representative Arndt Geiwitz, who had already accompanied the first protective shield procedure as a restructuring expert, was recently confident that thanks to the second protective shield procedure there was still a perspective for the department store group. “I am convinced that the Galeria department stores have a future, even if not in their current form,” emphasized the renovator in an interview. However, the retail giant would have to become smaller and more decentralized for this. Galeria will hopefully make a profit again “in three calendar years”. Before that, further losses were certainly incurred due to the restructuring costs, for example for conversions.