For the third time in three years, an application for insolvency proceedings – which under normal circumstances would be a clear indication that a company is not sustainable, has a different meaning in the case of Galeria Karstadt Kaufhof. The insolvency proceedings approved this Tuesday at the district court in Essen are intended to be a relief. The department store chain, with a total of around 12,000 full-time employees, wants to escape the downward pull of its Austrian parent company Signa, the company conglomerate owned by investor René Benko. A new owner is needed and the provisional insolvency administrator Stefan Denkhaus is supposed to find him.
Galeria’s third bankruptcy is supposed to be a liberation – the economy
