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Galeria department store insolvency

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2026-10-04 10:46 UTC → 2026-10-04 20:16 UTC · added ~~removed~~

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~~ cited a ~~regular insolvency proceeding rather than~~ significant drop in sales and a ~~self-administration procedure.~~ financial deficit of approximately 36 million euros as primary drivers for the filing. While operations are expected to continue for the time being across 83 nationwide branches, the move creates significant uncertainty for approximately 12,000 employees. Frank Kebekus has been appointed as the preliminary insolvency administrator. There is ongoing uncertainty regarding whether employees will receive insolvency benefits, as the company remains under plan supervision from a previous proceeding. 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.

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