Department store giant Galeria continues to expect a loss
The department store giant Galeria is also expecting a loss for the 2023/24 financial year. Galeria expects "an annual result in the lower negative double-digit million range", according to the financial statements for the financial year ending September 30, 2022 published in the Federal Gazette at the turn of the year.
In terms of operating income (EBITDA), the outlook for the current financial year forecasts a positive result in the "mid double-digit million range". Galeria is part of the extensive Signa empire of Tyrolean real estate investor Rene Benko, whose core companies and parent company Signa Holding have filed for insolvency.
This has consequences for Galeria. Among other things, Signa Holding had undertaken to provide Galeria with a sum of 200 million euros. Whether the money will flow is questionable. Galeria is part of the Signa Group via Signa Retail Selection, which is based in Switzerland. The latter had applied for creditor protection and wants to liquidate parts of the company "in an orderly manner".
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The financial struggles of Galeria extend beyond the current financial year, as they also anticipate a loss for the 2023/24 financial year. Despite expecting a positive operating income (EBITDA) in the mid double-digit million range for the current financial year, the overall outlook for Galeria remains challenging due to financial issues within the Signa Group.
Source: www.ntv.de
