Galeria Karstadt Kaufhof is at a critical turning point: The Essen District Court has opened insolvency proceedings, and the department store group is advancing on its path out of the crisis. Creditors are now called upon to register their claims with the insolvency administrator Stefan Denkhaus, who is taking over the fortunes of the company.
With the initiation of the procedure, negotiations intensify with potential new owners, two of whom advance to the final round. They have experience in German retail and possess the necessary financial means.
The goal is to complete the sale of Galeria in April, with the final decision lying with the creditors' meeting on May 28. Despite the ongoing process, the future of many branches and thus the jobs of 12,800 employees remain uncertain.
The Liquidator Aims to Maintain at Least 60 Branches, While the Actual Number of Remaining Locations Will Be Decided in Negotiations with Landlords. A Special Focus Is on Reducing Rents to Improve the Economic Viability of the Branches.
The existing processes and challenges have already significantly changed Galeria Karstadt Kaufhof, and the company is now facing the challenge of shaping a sustainable future.
