The Galeria Karstadt Kaufhof department store chain files for insolvency

The German department store chain Galeria Karstadt Kaufhof (GKK) has filed for insolvency at the Essen District court. The company is actively seeking a new owner, and discussions with potential investors have already commenced with the aim of sustaining Galeria’s operations.

“Operational success at Galeria has been constrained by the general conditions of the former ownership structure. Today’s event is distinctly considered a liberating boost,” mentioned CEO Olivier van den Bossche in a statement. The CEO’s statement further noted, “Signa Group’s bankruptcies have significantly harmed Galeria, hindering ongoing activities and severely…