Signa insolvency - Luxury hotels, SportScheck, Galeria - all part of René Benko's bankrupt empire
The empire of Austrian billionaire René Benko has been tottering for weeks. Now Signa Holding, the parent company of the real estate and retail group, has filed for insolvency. Various subsidiaries are also bankrupt. The future of Galeria Karstadt Kaufhof and other Signa holdings is uncertain. SportScheck had to file for insolvency shortly before a planned sale.
In Germany, Benko is best known for his takeover of the Galeria department store chain. At heart, however, Benko is a real estate investor. The Signa portfolio includes department stores in Germany and Austria, luxury hotels in Venice and on Lake Garda as well as other prestigious properties in prime inner-city locations. In Hamburg, he recently tried his hand at building the spectacular Elbtower. The photo gallery shows some of the major projects in which Signa has a finger in the pie with various subsidiaries.
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Despite filing for insolvency, Signa Holding's luxury hotels in Venice and on Lake Garda continue to attract high-end clients. The future of these properties remains uncertain amidst Benko's financial troubles.
The iconic Elbtower in Hamburg, a recent venture by Signa through a subsidiary, remains an impressive addition to Benko's portfolio, despite the broader financial difficulties faced by his empire.
Source: www.stern.de
