The department store group Galeria Karstadt Kaufhof closed its insolvency proceedings in October. Numerous stores are scheduled to close – many of them this week.
Galeria Karstadt Kaufhof is serious: After the successful conclusion of the insolvency proceedings, the German department store group will close most of its no longer profitable branches this week.
The Kaufhof department store in Hamburg’s Mönckebergstraße stopped selling goods forever on Wednesday, as did the Kaufhof in Essen. Further branches in Braunschweig, Witten and Fulda, among others, are to follow in the next few days. How many exactly, a company spokesman did not want to provide any information on Thursday.
The GKK general works council chairman Jürgen Ettl told the German press agency that 37 department stores would close these days. Another six branches still have a grace period until January. Overall, the group’s restructuring concept envisages the closure of a good 40 of the last 170 department stores.
Thousands of employees lose their jobs
The traditional department store group got into serious difficulties in the Corona crisis and had to seek rescue in a protective shield procedure. In the course of the bankruptcy proceedings it was possible to shake off debts amounting to more than two billion euros. At the beginning of October he left the bankruptcy proceedings behind.
For thousands of employees, the realignment means the loss of their jobs. Almost 130 department stores and more than 16,000 jobs will be retained.