Home » Third insolvency of Galeria Kaufhof: How consultants have collected millions so far

Third insolvency of Galeria Kaufhof: How consultants have collected millions so far

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Third insolvency of Galeria Kaufhof: How consultants have collected millions so far

Galeria Karstadt Kaufhof has filed for bankruptcy. It is unclear what will happen to the 15,000 employees. dpa

On Tuesday morning, Olivier van den Bossche filed for bankruptcy at the Essen district court. The CEO of Galeria Karstadt Kaufhof opened the third restructuring process of the crisis-ridden department store chain. According to our information, the insolvency has been prepared internally for weeks; we reported exclusively on it at the end of December.

Until the end, the GKK management was still waiting to see whether the promised 200 million euros from the parent company Signa would come. In vain. Signa Holding is currently in the process of falling apart, and more and more subsidiaries are filing for bankruptcy.

Van den Bossche and his finance chief Guido Mager were also hoping for an investor who could step in at the last second to buy the company. However, our research shows that there is currently no offer on the table despite ongoing discussions with potential interested parties.

Signa legacy issues: millions in costs for consultants, horrendous rents

So now another bankruptcy. However, Mager and Van den Bossche do not perceive this as a defeat, but as a liberation. Because the insolvency allows the group to reorganize bad old contracts, for example with consultants. Under the reign of the Signa Group, numerous consultants earned double-digit millions from the department store group. We exclusively reported that the general representative Arndt Geiwitz, his office and employees received 52 million euros for eight months of work during the second insolvency proceedings. The consultant fees were kept strictly secret at Galeria Karstadt Kaufhof.

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