Senate - Signa insolvency: Giffey rates situation as very serious
According to Franziska Giffey, Senator for Economic Affairs, the insolvency of Signa Holding will have an impact on all department store locations. The announcement of the insolvency proceedings has brought a certain clarity, said the SPD politician on Thursday at the plenary session in the House of Representatives. "Nobody can be happy about this. It's not good news either, so the situation is very, very serious." The consequences are not yet clear in every detail. However, it is clear that it has an impact on all locations when a group declares insolvency in this way.
What has not changed as a result of the development is the city's clear commitment to the development of the locations and, above all, to the preservation of jobs. "We have an enormously important department store infrastructure here for the retail sector," said Gifffey. It must be preserved. "That is our most important concern."
Signa Holding GmbH, owned by Austrian real estate and retail entrepreneur René Benko, applied to the Vienna Commercial Court on Wednesday for the opening of restructuring proceedings under self-administration. Signa consists of a complex network of companies with hundreds of individual companies. This also includes Galeria Karstadt Kaufhof with several department stores in Berlin.
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- Despite the insolvency of Signa Holding affecting department stores across Germany, including those in Berlin, Giffey reaffirmed the Senate's commitment to preserving these locations and protecting jobs.
- The insolvency proceedings announced by Signa Holding, a real estate and retail conglomerate owned by Austrian entrepreneur René Benko, was not welcomed by SPD politician Franziska Giffey, who described the situation as extremely serious.
- The retail trade sector in Berlin relies heavily on the department store infrastructure, which is under threat following the insolvency of Signa Holding, which operates the Galeria Karstadt Kaufhof chain.
- The insolvency of Signa Holding, which operates in numerous sectors and countries, poses challenges not only for retail trade in Germany but also for other parts of its complex network of companies.
Source: www.stern.de
