German Gallery in a new edition
As seven months of court protection come to an end, the Gallery can start operating on its own again from Thursday. The bankruptcy trustee, Stefan Denkhaus, is satisfied with the result: the German department store chain has found new owners and has finally managed to sell its Belgian subsidiary Inno.
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Department stores close their doors. More than 2,000 will lose their jobs. people
Bankruptcy necessary before a new opening
Denkhaus says the bankruptcy proceedings were necessary to cut costs, but the new shareholders are still committed to keeping 83 department stores open (there were 92 at the beginning of the year) and employing 12,000 workers . However, next year the headquarters will be moved from Essen to Düsseldorf. He also stated that the Gallery currently has a good economic situation and millions of free cash.
Belgian CEO Olivier Van den Bossche will remain on board and focus on Galeria's core competencies as a department store. There will be more local cooperations and stores will be modernized.
Let us remind you: at the beginning of this year. the company declared bankruptcy for the third time in three years.
The Gallery's wide range of goods includes, among others: fashion, footwear, handbags, beauty and home products, as well as sports goods and toys. Branches in the best city center locations and mobile and internet services complement each other.
