2024-05-07 20:43:14
It was recently announced that 16 of the 92 Galeria Karstadt Kaufhof branches would have to close. Now the company wants to take another step on the way to a new beginning.
The ailing department store chain Galeria Karstadt Kaufhof is to be given a new name following the planned takeover by the new owners. The words Karstadt and Kaufhof will be dropped at the end of July and the company will then only be called Galeria. This was announced by insolvency administrator Stefan Denkhaus on Tuesday.
“Many of the newer branches only have Galeria on the front,” he said, explaining the decision. The three recent insolvency proceedings are closely linked to the names. That’s why they want to cut off “an old braid”.
Galeria’s management was satisfied with the company’s current development. “We are already operating profitably. This will increase when we get rid of the old rents in August,” said Denkhaus. Galeria is well on the way to a secure future. “We make sure that each branch is autonomously profitable and can generate its own cash flow,” said Galeria boss Olivier Van den Bossche.
US investment company wants to take over Galeria
It was recently announced that 16 of the 92 branches would have to close at the end of August. A consortium made up of the US investment company NRDC and the entrepreneur Bernd Beetz’s investment company BB Kapital SA would like to take over Galeria. The new owners have not yet wanted to comment on the concept or the amount of the planned investments.
Insolvency administrator Denkhaus recently submitted an insolvency plan to the responsible district court in Essen. This must show how the department store chain can be renovated and operated profitably again in the future. The takeover by NRDC and Beetz will only take place if the creditors accept the insolvency plan on May 28th and it is then reconfirmed by the court. Denkhaus wants to hand over the company to the new owners by the end of July. Galeria filed for bankruptcy at the beginning of January. It is the third bankruptcy within three and a half years.