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Economy — News — Retail trade — TEH Textile Trade — Aachen — Insolvency — Galeria Karstadt Kaufhof

Galeria's new tenant Modehaus Aachener files for insolvency

Galeria Karstadt Kaufhof is shrinking. Successor companies were desperately sought for the discontinued stores. A retailer from Dortmund seized the opportunity - and obviously overreached himself in the process.

,   and  ZEITUNG «AUSSIEDLERBOTE»
2 min read
Department store building in Leverkusen: the fashion chain Aachener wanted to open a branch here....aussiedlerbote.de
Department store building in Leverkusen: the fashion chain Aachener wanted to open a branch here soon. This plan could now be outdated..aussiedlerbote.de

Galeria's new tenant Modehaus Aachener files for insolvency

The Aachener fashion chain, which only moved into six abandoned Galeria locations this year, has run into financial difficulties. "We have filed for insolvency," said a spokeswoman for TEH Textilhandel, which holds the trademark rights to "Modehaus Aachener", in Dortmund. The local court there has already appointed the lawyer Christoph Schulte-Kaubrügger as provisional insolvency administrator. Several media outlets had previously reported on this.

The "Handelsblatt" newspaper quoted from a letter from the management to the workforce, which stated: "As things currently stand, it is no longer guaranteed that we will be able to settle due liabilities on time and in full." According to the management, going to the local court was unavoidable in order to restore economic viability.

According to its own information, the company has 355 employees and seven locations, to which six former Galeria stores with a new look were to be added - in Frankfurt, Saarbrücken, Cottbus, Coburg, Nuremberg and Leverkusen. These have already been rented following the departure of Galeria Kaufhof, but have not yet opened - only on Frankfurt's Zeil shopping street has a sports outlet opened as a temporary solution.

Vacancy feared in the middle of the city

With the insolvency application, it is questionable whether the former Galeria stores will reopen their doors or become what local politicians, retailers and residents fear: huge empty buildings in the heart of the city. The image and appeal of a city center could suffer as a result. A poster was still hanging in the window of the Leverkusen department store building on Friday advertising a reopening in fall 2023 - this plan could now be outdated.

According to the company, business operations in the existing stores will continue as smoothly as possible. The possibility of opening the former Galeria stores in the near future is being examined. The management wants to preserve the opportunity to restore the economic performance of TEH Textilhandel. The provisional insolvency administrator was confident and said that he saw opportunities for restructuring. "The continuation of the operating business is secured for the time being."

The retail trade sector in Aachen is impacted by the insolvency filing of Modehaus Aachener, a tenant in six former Galeria locations, as their parent company TEH Textilhandel faces financial difficulties. The insolvency could potentially lead to vacancies in the city center, affecting its image and appeal.

Source: www.dpa.com

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