Final talks with two bidders for department store group Galleria

According to the company, four binding buyout offers have been received for the insolvent department store chain Galeria Karstadt Kaufhof, which is owned by Rene Benko's insolvent Signa company. The interim insolvency administrator, Stefan Dinckhaus, said on Tuesday in Essen that they would “finally negotiate the purchase” with two of them. This was agreed upon with the creditors committee.

“Both interested parties have extensive experience in German retail and also have the necessary funds for upcoming investment,” Dinkhaus said. He did not want to name potential investors. According to him, these are companies with a German background and international financing partners. The displays showed “that the department store is still alive and has a future,” Dinkhaus says. He expects that a “branch network of 60 plus X” can be maintained.

Third bankruptcy in three and a half years

The company filed for bankruptcy before the Essen District Court at the beginning of January. This is the third bankruptcy in three and a half years. The deadline for submitting binding purchase offers ended last weekend. Denkhaus wants to complete the sale in April.

By the end of March, the lawyer must submit a report to the responsible local court, which must show that the grounds for filing an insolvency application have been met and the costs of the procedure have been covered. In this case, the court can initiate insolvency proceedings. With the opening, creditors can register their claims against Galleria Karstadt Kaufhof. The department store chain currently has 92 branches and, according to its own information, employs about 12,800 people.