Karstadt Kaufhof Gallery sells all 70 travel agencies to ADAC Automobile Club
Galeria Karstadt Kaufhof Sells All 70 of Its Travel Agencies to ADAC.
Both companies announced on Wednesday that Galeria Karstadt Kaufhof's travel agencies will transfer to ADAC Hessen-Thuringia Holidays Travel Agency GmbH, a subsidiary of ADAC Hessen-Thuringia, as of October 1, 2022. The parties involved have already signed a corresponding contract. No statements were made regarding the purchase price.
With this acquisition, ADAC is significantly expanding its presence on the travel agency market - from around 170 to over 240 branches. According to the reports, the travel agencies will continue to operate as Galeria Travel Agencies, with the ADAC mobility brand added. The website galeria-reisen.de will remain in existence, and ADAC also purchased the domain urlaub.de. All 280 employees are expected to be taken on.
Galeria filed for insolvency for the third time in January. The department store chain encountered difficulties due to the insolvency of its Austrian parent company, Signa. In April, the consortium consisting of the US investment firm NRDC Equity Partners and the investment firm BB Capital SA of the 73-year-old entrepreneur Bernd Beetz took over Galeria.
- The transfer of Galeria Karstadt Kaufhof's 70 travel agencies to ADAC will occur on October 1, 2022, as detailed in the contract signed between the two parties.
- The acquisition of Galeria Karstadt Kaufhof's travel agencies by ADAC will significantly increase its presence in the travel agency market, growing from around 170 to over 240 branches.
- The travel agencies, now under ADAC, will continue to operate under the Galeria Travel Agencies name, with the addition of the ADAC mobility brand.
- ADAC also purchased the domain urlaub.de along with the transfer of Galeria Karstadt Kaufhof's travel agencies, ensuring continuity for the customers and maintaining all 280 current employees.
