The department store chain Galeria has filed for insolvency proceedings with the Düsseldorf District Court. The company announced on Friday that this application is intended to establish a legal framework, allowing them to organize the current situation, stabilize the business, and lay the groundwork for a sustainable future. However, the fate of its approximately 12,000 employees and whether further store closures will be necessary remains unclear for now. This marks the fourth insolvency application for the chain within the last six years, having previously filed in 2020, 2022, and 2024. During those past instances, several Galeria stores had to shut down. Moreover, earlier this summer, Galeria had already announced that it was reviewing multiple retail locations.
Economy / Finance
