Signa insolvency - Retail experts do not believe in Galeria's future
Following the insolvency of Signa-Holding, retail experts believe that the department store chain Galeria Karstadt Kaufhof has little chance of survival. Retail expert Gerrit Heinemann from the Niederrhein University of Applied Sciences, for example, cannot imagine that an investor would be interested in taking over the group. "The prospects are bleak. From a business point of view, it makes no sense," Heinemann told the German Press Agency.
Johannes Berentzen, head of retail consultancy BBE, also expects the search for an investor to be difficult. "When interest rates were low, entering the German market might have been interesting for international investors or even retail groups. In today's market and interest rate situation, there is hardly any chance of finding a buyer."
However, both experts can imagine that the Thai retail company Central Group could at least take over individual Galeria locations in major cities. The group already owns luxury department stores, including the KaDeWe in Berlin, the Alsterhaus in Hamburg and the Oberpollinger in Munich.
Signa Holding GmbH, owned by Austrian billionaire René Benko, announced insolvency proceedings on Wednesday. According to the holding company, it applied to the Vienna Commercial Court for the opening of restructuring proceedings under self-administration.
The Swiss subsidiary Signa Retail Selection AG, which also includes Galeria, applied to the court for creditor protection on Wednesday. The aim is to separate the company and liquidate it in an orderly manner, the company quoted its Chairman of the Board of Directors Christian Wenger. The business is to be wound up in an orderly and transparent manner, independently of the insolvencies of the rest of the Signa Group. The Board of Directors expects to be able to settle all external liabilities and to sell the parts of the company in a well-organized and structured manner in the coming months.
Lesen Sie auch:
- There are 18,000 tons of salt on the freeways
- Suspected bomb in Plauen
- European Handball Championship definitely without Drux and Wiede
- Despite the bleak prospects, retail expert Gerrit Heinemann from the University of the Lower Rhine is unsure if any investor might show interest in bailing out Galeria Karstadt Kaufhof after Signa-Holding's insolvency.
- The insolvency of Signa-Holding and its subsidiary, Signa Retail Selection AG, has cast a shadow over the future of the department store chain, Galeria Karstadt Kaufhof.
- The German Press Agency reported that Gerrit Heinemann sees little chance of survival for the retail giant, given the challenging business environment and high interest rates.
- Retail consultant Johannes Berentzen echoes similar sentiments, viewing the quest for an investor as a daunting task due to the current competitive landscape and financial climate.
- In Austria, billionaire René Benko, the owner of Signa Holding GmbH, initiated insolvency proceedings in Vienna Commercial Court as part of a restructuring strategy.
- Central Group, a prominent Thai retail company, could potentially acquire individual Galeria locations in major cities, expanding its portfolio of luxury department stores like KaDeWe in Berlin, Alsterhaus in Hamburg, and Oberpollinger in Munich.
- With the potential separation and liquidation of some parts of Signa Retail Selection AG, experts like Berentzen anticipate an orderly and structured sale process, which may offer some semblance of hope for the Galeria Kaufhof department store chain's chance of survival in the German and Austrian retail trade landscape.
Source: www.stern.de
