The insolvency proceedings for the department store group Galeria Karstadt Kaufhof ended on Wednesday.
This emerges from a decision by the district court in Essen. The procedure will be lifted after the confirmation of the insolvency plan has become final, it says. The magazine “Wirtschaftswoche” had previously reported on it.
Creditors have to forego more than 1.3 billion euros.
Germany’s last large department store group had to seek rescue again in a protective shield procedure at the end of last year and is currently in the process of restructuring.
The restructuring plan provides for the closure of around a third of the last 129 branches. The creditors also waive a large part of the money that the department store group still owes them. According to earlier information, the suppliers, landlords and other creditors have to forego more than 1.3 billion euros. (dpa)