Galeria secures mass loan to stabilize operations

The insolvent department store chain Galeria has secured a significant mass loan from the US investment firm Gordon Brothers to support its operations during the upcoming Christmas season. The agreement, which has received approval from the district court and the creditors' committee, is intended to stabilize the company’s operational business and ensure a continuous flow of goods.

With this new financing, Galeria reports having “significantly more leeway” to manage its business. The company stated that the processing and release of payments through standard procedures is once again possible, and customers can now redeem and purchase vouchers again.

While operations continue across its 83 branches, the future of specific locations remains uncertain. Preliminary insolvency administrator Frank Kebekus intends to evaluate the economic viability of each individual department store. Galeria was previously acquired in the summer of 2024 by the US investment firm NRDC and a company owned by entrepreneur Bernd Beetz.