Department stores: Galeria landlords receive mail from insolvency administrator: More than 30 houses face closure
The insolvency administrator wants to significantly reduce the branch network and can terminate the rental agreements without notice. Many landlords are facing nothing, and years of vacancy are foreseeable.
In Düsseldorf and Frankfurt, Lennard Maas, the business manager of Redevelop, an investment firm, is receiving an unusually high volume of phone calls from Galeria property owners. Maas stated in an interview with the Handelsblatt that "already twenty Galeria retail store owners have called me, offering their property." The despair among tenants is immense.
"When Galeria cancels their lease agreement, many are left with nothing," the investor, who is currently acquiring former warehouse buildings in Gütersloh and Trier to renovate and use them, said. However, selling large sales areas in a difficult market environment that would require a lot of money? The threat is acute. Galeria bankruptcy administrator Frank Kebekus has already inspected the profitability of every Galeria retail location.
This week, letters are reportedly being sent to the tenants, according to company sources. According to this information, significantly more than the previously announced 33 stores are on the brink of bankruptcy. Kebekus can immediately use the insolvency to terminate any lease agreement at any time. And that is already expected to happen soon, the sources say.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
