According to a report by the business magazine “Capital”, the retailer Galeria Karstadt Kaufhof, which has again found itself in financial difficulties, can rely on the help of its Austrian parent company Signa. “Signa will continue to support Galeria Karstadt Kaufhof,” the newspaper quoted a company spokesman as saying. How high possible payments could be, however, remained open in the article published on Monday.
At the end of October, Galeria Karstadt Kaufhof had to resort to a so-called protective shield procedure for the second time in around two and a half years. The company cited the current slump in consumption, high inflation and sharply increased energy costs as reasons for the financial difficulties.
Signa also made large aid payments to the retailer during the first procedure, which was completed in autumn 2020. In the current Capital article, the corresponding “restructuring contributions” were estimated at “more than 320 million euros”.