The department store chain Galeria, formerly known as Galeria Karstadt Kaufhof, has announced it will resume operations under new ownership. The company, which filed for bankruptcy earlier in January, has been attempting to overcome financial difficulties. The Essen court has declared that the insolvency procedure will conclude at the end of this month, ensuring that a total of 83 locations will remain permanently open.
According to a press release from Galeria, the new owners, effective August 1, will be the American investment firm NRDC and an investment company owned by entrepreneur Bernd Beetz.
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'Galeria now stands as a mid-sized company with a strong economic foundation, entering the future with available liquidity nearing nine figures,' says CEO Olivier Van den Bossche. 'Additionally, we will modernise our branches to provide an attractive shopping atmosphere and an ideal shopping experience.'
More information:
Galeria
www.galeria.de