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2 clusters · 66 sources · 3 days · First seen 3 days ago · Last updated about 19 hours ago

Galeria department store insolvency

Overview

German department store chain Galeria has filed for insolvency at the Düsseldorf District Court, marking its fourth such application within six years. The company is undergoing a regular insolvency proceeding rather than a self-administration procedure. While operations are expected to continue for the time being across 83 branches, the move creates significant uncertainty for approximately 12,000 employees.

Following the filing, investor Carsten Maschmeyer criticized the move and called for an end to further government financial support for the retailer. He noted that the state previously provided 680 million euros through the Economic Stabilization Fund during the pandemic, estimating that at least 500 million euros of that aid has not been recovered.

Local officials, including Cologne’s Mayor Torsten Burmester, have expressed concern regarding the potential impact on city centers and have called for a sustainable long-term concept for the retailer’s future. While a complete shutdown remains a possibility, some experts suggest that continuing operations with a significantly reduced number of locations may serve as a viable solution.

Entities

Düsseldorf District Court · Galeria · Amtsgericht Düsseldorf · Carsten Maschmeyer · Germany

Claims

What the coverage asserts, and how many sources carry each claim.

[● 9 SOURCES] Galeria has filed for insolvency for the fourth time in six years. wochentlich.de · www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · +4 more
[● 9 SOURCES] Galeria applied for the opening of insolvency proceedings at the Düsseldorf District Court. www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · wochentlich.de · +4 more
[● 8 SOURCES] Approximately 12,000 employees are facing potential job losses due to the insolvency. www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · www.fehmarn24.de · +3 more
[● 8 SOURCES] Business operations are intended to continue initially across 83 nationwide branches. www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · www.fehmarn24.de · +3 more
[● 7 SOURCES] Carsten Maschmeyer demands that no further taxpayer money be provided to Galeria. wochentlich.de · www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · +2 more
[● 7 SOURCES] The state provided 680 million euros in taxpayer funds to Galeria Kaufhof via the Economic Stabilization Fund during the Corona crisis. wochentlich.de · www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · +2 more
[● 7 SOURCES] At least 500 million euros of the state aid has not been recovered. wochentlich.de · www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · +2 more
[● 6 SOURCES] The current proceeding is a regular insolvency rather than a self-administration procedure. www.leinetal24.de · www.mannheim24.de · www.op-online.de · www.merkur.de · www.fehmarn24.de · +1 more

Timeline

about 19 hours ago

[BUSINESS] 16 sources
Galeria files for fourth insolvency in six years
Galeria has filed for its fourth insolvency in six years, threatening 12,000 jobs. Investor Carsten Maschmeyer has called for an end to state aid following the loss of hundreds of millions in taxpayer funds.
3 days ago

[BUSINESS] 62 sources
Galeria department store chain files for insolvency
German department store Galeria has filed for its fourth insolvency in six years, affecting 83 branches and 12,000 employees. Operations are expected to continue temporarily while the company seeks stability.

Sources

abendblatt.de · ad-hoc-news.de · allgaeuer-anzeigeblatt.de · augsburger-allgemeine.de · bild.de · braunschweiger-zeitung.de · cash.ch · courage-online.de · derwesten.de · deutschlandsuchtdensuperstar.de · diebewertung.de · dk-online.de · dnevno.hr · dorzeczy.pl · extratipp.com · fehmarn24.de · fenix-magazin.de · finance-magazin.de · finanzen.at · finanzen.ch · finanzen.net · finanznachrichten.de · food-service.de · general-anzeiger-bonn.de · hna.de · ichsagmal.com · ikz-online.de · invidis.de · it-boltwise.de · kreiszeitung.de · kurierverlag.de · leinetal24.de · lomazoma.com · mannheim24.de · maribor24.si · meinegemeinde.vol.at · merkur-online.de · merkur.de · mobil.zeit.de · morgenpost.de · news4teachers.de · newsfeed.zeit.de · nn.de · nordbayern.de · noz.de · onetz.de · op-online.de · osthessen-news.de

This summary has been updated 1 time: see revision history