Arndt Geiwitz, who was supposed to help Signa with the restructuring, no longer works for the Austrian real estate and trading group.
The German auditor and restructuring expert, who was active as general representative in the last insolvency proceedings of the department store operator Galeria Karstadt Kaufhof, was also supposed to help the parent company Signa through the difficult times. It has now been announced that the collaboration has already ended. A spokesman for the business and tax consultancy SGP Schneider Geiwitz & Partner confirmed this to FashionUnited. The trade magazine Textilwirtschaft had previously reported on it. At the beginning of November it was said that he would act as general representative, but he only took on an advisory role.
Geiwitz and the insolvency administrator came to an agreement that the mandate would not be continued. The exchange took place shortly after the insolvency application was approved. At this point, Geiwitz also stopped his consulting work.
The reason for the termination of the collaboration was that the requirements for taking on the role were not met. Signa should provide the necessary funds for the restructuring.
