Galeria store in Potsdam avoids closure.

Commerce related to selling goods or services to customers. - Galeria store in Potsdam avoids closure.

The Potsdam branch of Galeria Karstadt Kaufhof department store will not shut down as initially planned at the end of August. This was revealed by insolvency administrator Stefan Denkhaus to the German Press Agency on Wednesday. He explained that a sustainable solution was reached thanks to a last-minute offer from the landlord. The employees were notified about this development on the same day. With approximately 100 employees, Galeria is said to have a presence in Potsdam.

From the original 92 establishments, 9 - not the previously announced 16 - will be closed on August 31st. The stores originally slated for closure, revealed at the end of April, include those in Berlin-Spandau, Cologne (Breite Strasse), Mainz, Mannheim, Oldenburg, and Würzburg. The fate of these six stores had been confirmed last week: they will also remain open. In the wake of Galeria's bankruptcy, about 800 employees will lose their jobs, with 450 of those being part of the management in Essen. The remaining 12,000 jobs, however, will be saved.

Two new owners are anticipated to assume control on August 1st: the American investment company NRDC and a participating entity of entrepreneur Bernd Beetz. Galeria, the department store chain, filed for bankruptcy again in early January. Late May saw creditor approval for the restructuring plan, and it is forecasted that the presiding court will dissolve the insolvency proceedings in the near future, thereby allowing the rescue operation and transfer of ownership to proceed.

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1. The insolvency administrator, Stefan Denkhaus, announced on Wednesday that the Potsdam branch of Galeria Karstadt Kaufhof, a department store chain facing insolvency, will not close as planned, thanks to a last-minute offer from the landlord.
2. In Germany, Galeria, the department store chain, has been going through insolvency proceedings, and the fate of several of its establishments had been uncertain.
3. Despite the insolvency of Galeria, the Potsdam branch, with about 100 employees, was able to secure a sustainable solution and avoid closure, according to the insolvency administrator.
4. The German Press Agency reported on the development in Potsdam, stating that 9 out of the 92 Galeria stores will be closing on August 31st, including those in Berlin-Spandau, Cologne, Mainz, Mannheim, Oldenburg, and Würzburg.
5. The insolvency proceedings for Galeria are expected to be dissolved in the near future, allowing for the transfer of ownership to NRDC and Bernd Beetz's participating entity on August 1st.
6. Meanwhile, in the retail trade sector, trade unions are expressing concern over the increasing number of insolvencies, with Karstadt and GALERIA Kaufhof being notable examples.

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