Retail trade - 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.
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- Despite the challenging circumstances, some retail analysts speculate about the potential acquisition of certain Galeria Karstadt Kaufhof outlets in major cities by the international retail group Central Group.
- The Future of Galeria Karstadt Kaufhof, following Signa-Holding's insolvency, remains uncertain, largely due to the lack of investor interest, according to retail expert Gerrit Heinemann from the University of the Lower Rhine.
- Gerrit Heinemann, a professor of retail management at the University of the Lower Rhine, believes that attracting an investor for Galeria Karstadt Kaufhof is highly unlikely, given its current financial situation.
- The prospects of Galeria Karstadt Kaufhof's survival are grim, according to Johannes Berentzen, head of retail consultancy BBE, due to the current market conditions and interest rate trends.
- The German Press Agency reported that retail trade experts, including Gerrit Heinemann and Johannes Berentzen, expressed severe concerns about the department store chain's chance of survival after Signa-Holding declared bankruptcy.
- Central Group, which operates luxury department stores in prominent European cities like Berlin, Hamburg, and Munich, may pursue individual Galeria locations as potential acquisitions, according to retail analysts.
- With the German and Austrian markets facing an uncertain retail climate, the German Press Agency, citing Johannes Berentzen, claims that the window of opportunity for international retailers or groups to invest in struggling department store chains like Galeria Karstadt Kaufhof has closed.
Source: www.stern.de
