New aid package for Galeria Karstadt Kaufhof: Germany’s last major department store chain is receiving further government aid in the hundreds of millions to deal with the Corona crisis. According to dpa information, the retail group is to receive silent participations of 250 million euros from the Federal Economic Stabilization Fund, of which 220 million euros are liquid funds. The editorial network Germany (RND) had previously reported on it. “Two years of the pandemic are a particular burden, especially for inner cities. Stationary trade in particular is struggling with the restrictions,” Economics Minister Robert Habeck (Greens) told RND. “That’s why we decided that the economic stabilization fund would once again provide support to Galeria Karstadt Kaufhof.” The German Retail Association (HDE) welcomed the planned cash injection for the department store chain. It is the second time that Galeria has had to resort to state aid during the pandemic. At the beginning of last year, the Economic Stabilization Fund helped the department store group with a loan of 460 million euros.
Trade – federal government supports Karstadt Kaufhof – economy
