The auditor Arndt Geiwitz, who was appointed to restructure the Signa Group, wants to present key steps towards restructuring the company by the end of November. The real estate and trading group announced this on Friday. It is important to examine all areas of the group and find long-term solutions. “For the duration of the restructuring, Arndt Geiwitz will take responsibility for the interests of the Benko Family Private Foundation,” it said. It is not yet possible to estimate how long this restructuring will take.
The company also announced that German management consultant Ralf Schmitz is now on board as an additional board member of the Signa Prime and Signa Development divisions, which specialize in real estate projects.
The 46-year-old Signa founder René Benko gave up his power on Wednesday and placed the helm of the company in Geiwitz’s hands. The company, which acquired and developed real estate in prime locations in European cities and the USA during the long period of low interest rates, ran into difficulties due to higher interest rates and increased construction costs. Years ago, Benko also acquired the department store group Galeria Karstadt Kaufhof.(dpa)