The Galeria department store chain is reorganized after the latest bankruptcy.
“All 83 branches write black,” said co-owner Bernd Beetz to the “Handelsblatt”. Beetz and the US investment company NRDC had taken over Galeria on August 1st. Nine branches were closed.
“Overall, we have been in the black in the new financial year since October 1, 2024 every month and about our internal expectations,” said Beetz to the newspaper. “Therefore, we are very positive that we will also conclude the entire current financial year with a profit.” Beetz quantified the expected annual turnover at just under 2.5 billion euros – after around two billion in the past financial year.
In the “Handelsblatt” interview, the entrepreneur announced modernizations. “We have a permanently defined renovation plan for the next five years to extensively modernize the branch portfolio.”
In some locations there will be more extensive renovation measures, on others you can already have a big change with smaller modernizations.
“Since all the houses write black, we can finance the conversion and investments into the houses internally,” he emphasized. But the owners also made an investment budget available. “We have made an insert in three -digit millions.”