The creditors approved the plan to rescue Galeria Karstadt Kaufhof. A lot of work and money is still needed to restructure the department store chain.
The creditors’ meeting of the German department store group Galeria Karstadt Kaufhof approved the restructuring plan drawn up by the management and the restructuring specialist Arndt Geiwitz on Monday. But a lot of work awaits the management of the department store chain, which belongs to the Austrian Signa Group. After all, after 2020, this is the second attempt to ensure the company’s survival. Around 40 creditor representatives appeared at the meeting at the Essen district court, representing the majority of the claims.
“The restructuring plan and with it the concept of the department store …