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German department store giant Galeria could file for insolvency again as early as this week, two people familiar with the matter said on Monday, joining the list of companies affected by the collapse of Signa founder Rene Benko's real estate empire. The insolvency application could come as soon as Tuesday or Wednesday, according to one source. A spokesperson for Galeria, which has already survived two insolvency proceedings, declined to comment.

German department store giant Galeria could file for insolvency again as early as this week, two people familiar with the matter said on Monday, joining the list of companies affected by the collapse... -January 08, 2024 at 07:55 am EST - MarketScreener

Benko-Reich collapses: Real estate subsidiaries of the Signa Group insolvent. The real estate and trading empire of billionaire René Benko is in dire straits. After Signa Holding, the core companies of his real estate empire are now also insolvency. After strong growth in the low-interest phase, the network of companies created by Benko, like the entire real estate industry, is struggling with higher construction costs, energy prices and interest rates. Signa Retail Selection AG, headquartered in Switzerland, has announced that it will wind up the company in an orderly manner.

German department store chain Galeria is looking for a new owner now that Austrian parent company Signa Holding has collapsed.