The Aachener fashion chain is insolvent. The Dortmund company took over six former Galeria locations this year, and more were actually supposed to open. The plan could now be invalid.
The Aachener fashion chain, which only moved into six abandoned Galeria locations this year, has run into financial difficulties. “We have filed for insolvency,” said a spokeswoman for the company TEH Textilhandel GmbH, which is behind the Aachen company. The Dortmund district court has already appointed a provisional insolvency administrator.
The “Handelsblatt” quoted a letter from management to the workforce, which said: “As things currently stand, it is no longer guaranteed that we can still pay due liabilities on time and in full.” According to the management, in order to restore economic performance, going to the district court was unavoidable.
Oliver Nobel took over management at the beginning of the week. On Monday, the previous managing director of the Aachen fashion chain, Friedrich-Wilhelm Göbel, resigned from his position. He is wanted on a warrant.
Future of the locations unclear
The company has seven locations, to which six former Galeria stores should be added: in Frankfurt, Saarbrücken, Cottbus, Coburg, Nuremberg and Leverkusen. These were already rented after Galeria Kaufhof moved out of there. However, the branches have not yet been opened.
A sports outlet only opened as a temporary solution on Frankfurt’s Zeil shopping street. With the bankruptcy filing, it is now questionable whether the former Galeria stores will open their doors again.