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Hot-Topics — News — Creditor — Insolvency — Insolvency plan — Stefan Denkhaus — Bernd Beetz — Meeting of creditors — Galeria — Department store chain — GALERIA Kaufhof — Karstadt — Department store

Creditors at Galeria Kaufhof decide on a bankruptcy proposal.

Creditors of Galeria Karstadt Kaufhof will convene in Essen on Tuesday to deliberate on the insolvency plan for the department store chain. Insolvency administrator Stefan Denkhaus will introduce the proposed plan in a closed session around 1 p.m. Following that, creditors will cast their...

,   and  Katherine Bradley
1 min read
Abbau eines Galeria-Logos in Berlin
Abbau eines Galeria-Logos in Berlin

Creditors at Galeria Kaufhof decide on a bankruptcy proposal.

During a creditors' meeting, Denkhaus promoted their proposal for a resolution plan. The lawyer cautioned, "Otherwise, the business could be broken up." In January, this department store had declared bankruptcy for the third time within a span of 3.5 years. As a result of the acquisition, 16 out of the remaining 92 locations across the country will be closed. Around 1400 workers' jobs are in danger.

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The proposal for an insolvency plan, put forward by Denkhaus at the Meeting of creditors, aims to prevent Galeria Kaufhof from being dismantled. Bernd Beetz, the lawyer, expressed concern that without an agreement, the business could be divided among the creditors. Galeria, a department store chain that includes GALERIA Kaufhof and Karstadt, declared insolvency for the third time in 3.5 years, potentially leading to the closure of 16 stores and the endangering of 1400 jobs.

Source: www.stern.de

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