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Signa insolvency: Financial experts warn of effects on German city centers
According to a report from www.t-online.de, the bankruptcy of the Austrian Signa Group could have a profound impact on German city centers and the real estate market, experts say. The Signa Group is involved in many companies and construction projects that shape the city center, including the department store chain Galeria Karstadt Kaufhof and the Berlin luxury department store KaDeWe. The insolvency of Signa Holding GmbH has been announced and it is expected that the company will apply to the Vienna Commercial Court to open self-administration restructuring proceedings. This situation could have a long-term negative impact on the real estate market, particularly in relation to the development of office and retail space in inner-city locations. For the ailing department store chain Galeria Karstadt Kaufhof,...
Signa insolvency: Financial experts warn of effects on German city centers
According to a report by www.t-online.de,
The insolvency of the Austrian Signa Group could have profound effects on German city centers and the real estate market, according to experts. The Signa Group is involved in many companies and construction projects that shape the city center, including the department store chain Galeria Karstadt Kaufhof and the Berlin luxury department store KaDeWe.
The insolvency of Signa Holding GmbH has been announced and it is expected that the company will apply to the Vienna Commercial Court to open self-administration restructuring proceedings. This situation could have a long-term negative impact on the real estate market, particularly in relation to the development of office and retail space in inner-city locations.
The insolvency of the Signa Group could mean further uncertainty for the ailing department store chain Galeria Karstadt Kaufhof, which has already undergone several restructuring measures and received government support during the Corona crisis. The prospects for the future of the Galeria department stores are uncertain and a new, financially strong investor is being sought.
On the other hand, the Berlin luxury department store KaDeWe does not see itself affected by the Signa Group's difficulties, as Signa is only a minority shareholder and is not involved in strategic and operational issues.
Experts such as Sven Carstensen, CEO of the real estate appraiser Bulwiengesa, emphasize the need for quick decisions regarding the future of the affected properties in order to be able to strategically align the further development of the city centers. The Verdi union wants a new owner with retail expertise for Galeria and its 12,500 employees. What will happen next for the affected properties and companies remains unclear for the time being, and the effects of the Signa Group's insolvency will probably be felt in the long term.
Read the source article at www.t-online.de