Retail trade - Signa crisis: Verdi for job security in department stores
In view of the Signa crisis and the resulting uncertain future for numerous department stores in Berlin, the trade union Verdi continues to see Signa founder René Benko as being responsible. "It is hard for the employees to find themselves once again in a situation where jobs and locations are acutely threatened due to mismanagement and the failure to implement a sustainable business concept," said Conny Weißbach, Verdi's head of retail for Berlin-Brandenburg, on Thursday. "We expect the jobs and all locations of the retail companies belonging to the Signa Group to be preserved."
This includes the Galeria outlets, including the Markthalle food department, SportScheck and the KaDeWe Group."René Benko is still obliged to invest in the implementation of future-proof concepts," said Weißbach.
Galeria currently operates ten stores in Berlin. The two department stores on Müllerstrasse and Wilmersdorfer Strasse are to be closed on January 31. Some locations, including the stores on Hermannplatz and Ku'damm, are to be remodeled in the coming years. "In the current situation, we will not take any further formal steps in the two procedures until it is clear which capable partner is available to implement the planning objectives of the state of Berlin," the Senate Department for Urban Development told RBB. However, this is not a complete planning freeze.
Signa also has a stake in Kadewe. The group owns the majority of the property, while the Central Group, headquartered in Thailand, holds the majority of the operational business, as department store boss Michael Peterseim explained in an interview. He was relaxed about the insolvency of Signa Holding. The group's difficulties would have no consequences for the luxury department store on Tauentzienstraße.
"2022 was a record year in the history of the company. And I can already say, although the year is not yet over, that 2023 will be our new record year. And 2024, I think I can already say that much for sure, will be the next record year," Peterseim told the "Tagesspiegel".
Tagesspiegel interview RBB report
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- Amidst the Signa crisis and the looming uncertainty for numerous department stores in Berlin, the United Services Union (Verdi) is holding René Benko, the founder of Signa, accountable for the situation.
- Weißbach, Verdi's head of retail for Berlin-Brandenburg, expressed concern over the employees, stating, "It is hard for them to find themselves once again in a situation where jobs and locations are acutely threatened due to mismanagement and the failure to implement a sustainable business concept."
- The crisis also impacts Signa's stake in Kadewe, the luxury department store on Tauentzienstraße, where the Central Group, headquartered in Thailand, holds the majority of the operational business.
- In response to the Signa crisis, the Senate Department for Urban Development in Berlin has paused further formal steps in the two proceedings, waiting for a capable partner to emerge.
- Despite the difficulties facing Signa Holding, department store boss Michael Peterseim remains optimistic, predicting that 2023 will be another record year for the company, with 2024 bound to break that record.
- The future of the Real estate market in Germany, particularly in Berlin and the retail trade sector, will likely be influenced by the resolution of the Signa crisis and the implementation of sustainable business concepts.
Source: www.stern.de
