There are no concrete sales talks about the sale of the Inno department store chain. This was announced by the Belgian subsidiary of Galeria Karstadt Kaufhof on Tuesday.
Parent company Galeria is currently restructuring after opening protective shield proceedings in October. Inno is pledged to the federal economic stabilization fund, giving Galeria Karstadt Kaufhof the opportunity to sell the Belgian subsidiary.
“In this situation, Galeria Karstadt Kaufhof has to consider all conceivable scenarios, including the sale of the Inno shares. However, there are currently no concrete sales talks,” said renovation expert Arndt Geiwitz, who is responsible for Galeria Karstadt Kaufhof as the general representative.
In the press release, Inno Managing Director Armin Devender refutes rumors that Inno is affected by restructuring measures. “At Inno we are implementing the strategic repositioning as planned,” said the manager. Even if the shareholder structure were to actually change, there would be no changes for employees, customers, shops and partners.
Inno had previously announced that the company was back in the black after a loss in 2020. In the 2022 financial year, the company achieved a positive profit before taxes, interest and taxes of over 10 million euros. “The strategic repositioning is clearly having an effect. In this financial year, our results are again well above those of last year, which was a very good year,” said Devender in the press release. The department stores are increasingly positioning themselves in the premium segment.
This translated post previously appeared on FashionUnited.nl.