German department store chain Galeria Karstadt Kaufhof (GKK) has filed for insolvency at the Essen District Court, the company announced on Tuesday. Galeria is therefore looking for a new owner. Talks with potential investors have already begun and the aim is to continue Galeria's operations. Galeria chief executive Olivier van den Bossche said: "Galeria's operational success is burdened by the framework conditions of the old ownership structure. We expressly see today as a liberating blow." The
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
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