Signa bankruptcy no threat to luxury department store

The Berlin-based KaDeWe boss sees the insolvency of Signa Holding as having an impact on his own business. “We are very securely positioned,” said the managing director of the KaDeWe Group, Michael Peterseim, to the “Tagesspiegel” (Thursday). The group’s difficulties would have no consequences for the luxury department store on Tauentzienstrasse. “They will have no impact on us. That “We can clearly rule it out.” Signa is only a minority shareholder and is not involved in strategic and operational issues.

“It is often overlooked that we have a clear main shareholder. It’s called Central Group and it stands behind us,” emphasized Peterseim. The Thai trading group recently assured that it would do everything in the luxury goods segment in Europe to support KaDeWe and the other stores. In addition to the Berlin location, it also owns two department stores in Hamburg and Munich to the KaDeWe Group.

Signa Holding GmbH, owned by the Austrian real estate and trading entrepreneur René Benko, had announced insolvency proceedings. According to its own information, the holding company applied to the Vienna Commercial Court on Wednesday to open self-administered restructuring proceedings.

Signa is involved in numerous properties in top locations in Berlin, such as KaDeWe. The complex group of companies is also involved in a number of construction projects that, according to media reports, are currently at a standstill. These include the two Karstadt locations in Neukölln and Wedding and a high-rise project on Ku’damm.(dpa)