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Galeria Karstadt Kaufhof is closing 16 branches: These locations are affected
Galeria Karstadt Kaufhof closes 16 branches: Is yours also affected? Find out which locations are affected and what future the department store group has ahead of it. #GaleriaKarstadtKaufhof #insolvency #branch closure
Galeria Karstadt Kaufhof is closing 16 branches: These locations are affected
It is regrettable to hear that Galeria Karstadt Kaufhof will be closing 16 of its 92 branches. The decision followed the department store group's third bankruptcy filing within a short period of time. Olivier Van den Bossche, the boss of Galeria, cited, among other things, the previous owner René Benko's lack of financial resources as a reason for the bankruptcy.
The affected locations include cities such as Augsburg, Berlin Tempelhof, Chemnitz, Essen, Cologne, and others. Although landlords can still negotiate rents, some of the 16 branches could potentially remain. A total of 76 branches will remain in operation, which is a surprising number.
A consortium consisting of the US investment company NRDC and the company BB Kapital SA plans to take over the department store chain. The exact plan and investment volume of the new owners are currently unclear. However, it is expected that around 1,400 employees will have to leave the company, while 11,400 will be able to keep their jobs.
In particular, 450 of the 900 jobs are to be cut at the company headquarters in Essen. It remains to be seen how the company will get back on track under the leadership of the new owners and what impact the changes will have on the workforce.