Another location has been saved at the department store group Galeria Karstadt Kaufhof. The department store in Leonberg, Baden-Württemberg, will also be retained, a company spokesman said on Monday. An agreement was reached in the negotiations with the landlord ECE. The company only announced on Saturday that the branch in Essen would also be retained, contrary to the original plans.
Germany’s last large department store group had to seek rescue again in a protective shield procedure at the end of last year. The group has now completed the insolvency proceedings. However, the restructuring process continues. The restructuring plan, which has become legally binding, provides for the closure of around a third of the last 129 branches.
In the past few days, almost 20 houses have closed their doors forever. Another wave of closures is planned for January 2024. Then another 20 houses can be affected. Most recently, however, some branches were removed from the cross-off list again after new agreements had been made with the landlords. (dpa)