Image: GEORG HOCHMUTH (APA)
The Tyrolean investor Reno Benko is bringing a German restructuring expert on board at his real estate company Signa Holding. Arndt Geiwitz is now familiarizing himself with the situation and getting an overview of the group of companies. “He does not currently hold an official position there,” the spokesman emphasized. Geiwitz became known through the insolvency proceedings at the Schlecker drugstore chain and the Galeria Karstadt Kaufhof department store chain, which also belongs to the Signa empire.
Benko’s Signa Group, which has grown rapidly over the years, also includes real estate worth billions and Signa Sports United (SSU). SSU only announced on Friday that its subsidiary Tennis Point had filed for bankruptcy. Other companies, including parent company Signa Sports United NV, are about to submit such applications, it said. Geiwitz is now working his way into Benko’s extensive empire, which primarily includes companies in the retail sector and corresponding real estate. Signa includes, among others, the Alsterhaus in Hamburg and the KaDeWe in Berlin.
- Read here: Benko’s sports retailer Signa Sports in distress
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