The department store group Galeria Karstadt Kaufhof is said to be planning the sale of the Belgian department store subsidiary Inno. This is reported by the Handelsblatt with reference to financial circles.
According to the media report, the ailing company hopes to achieve a sales price in the high double-digit million range for the department store chain with 16 locations. It is not yet clear when the sales process will begin. Galeria did not want to comment on the Handelsblatt report when asked by FashionUnited.
The insolvency proceedings under self-administration for Galeria began last Tuesday. The insolvency proceedings follow the previous protective shield proceedings and creditors of the retail giant hope to get some of their claims back.
However, according to the Handelsblatt report, the creditors should not benefit from the sale of the Belgian subsidiary Inno. In Belgium, Galeria announced the turnaround last summer. After a loss-making pandemic, Inno was back in the black. It remains to be seen whether this development is sustainable enough from the point of view of potential buyers.
This post was created with the help of Jule Scott.