Merchandising industry - Six more Galeria stores spared; saved.
In the overhaul of faltering department store chain Galeria Karstadt Kaufhof, six branches totaling around 500 jobs won't be shut down. Galeria revealed this in Essen. Along with Galeria leadership, Insolvency Administrator Stefan Denkhaus has managed to maintain operations at Berlin-Spandau, Cologne (Breite Strasse), Mainz, Mannheim, Oldenburg, and Würzburg.
At first, 16 of the 92 branches were slated to shut down on August 31. Now, there are just ten. Thus, 82 branches will persist. "I suppose the list of locations to be carried on is now finalized," Denkhaus told the German Press Agency after being asked.
Around 900 jobs are set to cease due to the insolvency. Conversely, 11,900 positions will continue, mentioned the insolvency administrator's spokesman.
Insolvency Administrator: "Last-Minute Offers from Landlords"
"I'm enthusiastic that we've reached economically feasible solutions for six more branches thanks to late offers from landlords," said Denkhaus in a statement. "The employees of these six locations and the vitality of city centers will greatly benefit from this outcome. We're grateful for the dedication of city and political representatives." As a result, Galeria will preserve approximately 500 additional jobs. Insolvency Administrator Denkhaus specifically thanked the engaged representatives of cities and politics on site.
"Today is a significant day that validates our forward course," remarked Galeria CEO Olivier Van den Bossche. "We're optimistic about Galeria's future with 82 locations."
The insolvency processes are nearly finished. The creditors endorsed the insolvency administrator's restructuring plan by the end of May. A key element of the plan was the closure of establishments in locations with pricey rents. NRDC, a US investment firm, and a participatory firm owned by entrepreneur Bernd Beetz will become new owners as of August 1.
Since six branches will now continue, the following sites previously mentioned remain on the list:
In Berlin: Ringcenter, TempelhofIn North Rhine-Westphalia: Essen, WeselIn Bavaria: Augsburg, Regensburg (Neupfarrplatz)In Rhineland-Palatinate: Trier (Fleischstraße)In Baden-Württemberg: LeonbergIn Brandenburg: PotsdamIn Saxony: Chemnitz
Read also:
- Despite the challenges, the Galeria store in Oldenburg, Germany, is among the six branches saved from closure.
- The department store chain Galeria Karstadt Kaufhof, based in Europe, has managed to maintain operations at its Berlin-Spandau branch, thanks to the efforts of Insolvency Administrator Stefan Denkhaus.
- The insolvency administrator for Galeria Karstadt Kaufhof, Stefan Denkhaus, expressed his gratitude to the engaged representatives of cities and politics in Cologne, which hosts one of the saved branches.
- With the preservation of branches in Mannheim and Würzburg, Bavaria and Hesse both benefit from the Galeria Department Store chain's continued operation in their regions.
- In response to last-minute offers from landlords in Germany, Insolvency Administrator Stefan Denkhaus was able to save six more branches, including the one in Mainz, reducing the total number of closures to ten.
- The insolvency of Galeria Karstadt Kaufhof has resulted in the loss of around 900 jobs across Europe, but 11,900 positions will remain, according to the spokesman for Insolvency Administrator Stefan Denkhaus.
- Karstadt, a renowned department store in Germany, is among the branches that won't close, as part of the overhaul of the Galeria Karstadt Kaufhof department store chain.
- The restructuring plan for Galeria Karstadt Kaufhof's insolvency, which was approved by creditors by the end of May, includes the closure of establishments in locations with expensive rents.
- The plans for the insolvency of Galeria Karstadt Kaufhof, a department store chain in Europe, will see the closure of ten branches except for six in Germany (Berlin-Spandau, Cologne, Essen, Mainz, Mannheim, and Oldenburg) and one in Rhineland-Palatinate (Trier), respectively.
- Insolvency Administrator Stefan Denkhaus expressed his enthusiasm for reaching economically feasible solutions for the saved branches, which will benefit the employees and city centers, as previously occurred in Würzburg.
- As of August 1, the US investment firm NRDC and the participatory firm owned by entrepreneur Bernd Beetz will assume ownership of Galeria Karstadt Kaufhof, following the insolvency processes nearly completion in Germany.
