Buying a house: the insolvency proceedings, for, Galeria, Karstadt, Kaufhof opened

The district court of Essen has arranged for the Department store chain Galeria, Karstadt, Kaufhof and eight related companies in insolvency proceedings in self

Buying a house: the insolvency proceedings, for, Galeria, Karstadt, Kaufhof opened

The district court of Essen has arranged for the Department store chain Galeria, Karstadt, Kaufhof and eight related companies in insolvency proceedings in self-administration. The subsidiary Karstadt Sports, Galeria logistics, sports arena, Le Buffet, Dinea Gastronomie Karstadt feinkost, Atrys I and Saks Fifth Avenue Off 5th Europe, were affected in addition to the Department store chain itself, the district court informed on Wednesday.

The insolvency proceedings in self-administration follows up on the previous protection proceedings. Galeria, Karstadt, Kaufhof and Karstadt Sports submitted on Wednesday to the court in the last few months, developed insolvency plans with the Details of the renovation concept. The court now has to consider whether the plans comply with the statutory requirements. To the Trustee, the bankruptcy expert Frank Kebekus appointed, who had supervised the company is also in the "protective shield" procedure.

Galeria, Karstadt, Kaufhof was by the pandemic closure of all branches of the conditional into a severe crisis and had to look at the beginning of April the rescue in a protective shield procedure. According to the previously known redevelopment plans, 62 of the 172 Department stores, as well as 20 of the 30 branch offices of the subsidiary Karstadt Sports are to be closed. In addition, 26 of 50 Karstadt supposed to do-fine-food-stores-tight.

With the opening of the insolvency proceedings can now log on to the creditors of their claims against Galeria, Karstadt and Kaufhof in the property, plant, and Walter. A first meeting of creditors could be held in early September.

Updated Date: 01 July 2020, 15:20

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