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The ailing Signa Group has now also started insolvency proceedings for its real estate companies. The retail branch is insolvent as well.

The company that owns the luxury KaDeWe department store in Berlin and the Elbtower in Hamburg filed for bankruptcy on Thursday. Signa Prime Selection AG, a key subsidiary of Austrian real estate and retail mogul René Benko's Signa Group has filed for debtor-in-possession reorganization proceedings with the Vienna Commercial Court, the company announced. On Friday, the Signa Development Selection AG will do the same, the firm said. "The aim is the organized continuation of business operations wi

Signa Prime Selection AG, which owns a top Berlin department store, is the latest Signa subsidiary to open bankruptcy proceedings. The Signa Development Selection AG will soon do the same, the firm said.

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.

Signa Prime Selection AG, which owns a top Berlin department store, is the latest Signa subsidiary to open bankruptcy proceedings. �� Top Subsidiaries of Property Giant Signa File for Bankruptcy.