KaDeWe boss: Signa bankruptcy no danger for luxury department store
The head of KaDeWe in Berlin is relaxed about the insolvency of Signa Holding for his own business. "We are in a very secure position," said Michael Peterseim, Managing Director of the KaDeWe Group, to the "Tagesspiegel" (Thursday). The Group's difficulties would have no consequences for the luxury department store on Tauentzienstraße. "They will have no impact on us. We can clearly rule that out". Signa is only a minority shareholder and is not involved in strategic and operational issues.
"People often overlook the fact that we have a clear main shareholder. It is called Central Group and is behind us," emphasized Peterseim. The Thai retail group recently gave assurances that it would do everything in its power to support KaDeWe and the other stores in the luxury goods segment in Europe. In addition to the Berlin location, two department stores in Hamburg and Munich also belong to the KaDeWe Group.
Signa Holding GmbH, owned by Austrian real estate and retail entrepreneur René Benko, had announced insolvency proceedings. On Wednesday, the holding company filed for the opening of restructuring proceedings under self-administration with the Vienna Commercial Court.
Signa is involved in numerous properties in prime locations in Berlin, such as the KaDeWe department store. The complex group of companies is also involved in a number of construction projects which, according to media reports, are currently at a standstill. These include the two Karstadt locations in Neukölln and Wedding and a high-rise project on Ku'damm.
Despite Signa's financial challenges, their involvement in real estate projects such as the KaDeWe department store in Berlin might not directly impact the construction progress. In fact, the Thai retail group, Central Group, has expressed its commitment to supporting KaDeWe and other luxury stores in retail trade, including those in Hamburg and Munich.
Source: www.dpa.com
