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Galeria sale is expected to be completed in April

Galeria sale is expected to be completed in April
The aim is to maintain the company as a whole.
Image: APA/AFP/JOHN MACDOUGALL

“Our goal is to have the contracts signed by April at the latest,” said the provisional insolvency administrator, Stefan Denkhaus, to the “Westdeutsche Allgemeine Zeitung” (Thursday).

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The company, which is currently part of the also insolvent Signa Group led by Tyrolean investor Rene Benko, had already announced the schedule for the search for a new owner on Wednesday. Interested parties can register their interest without obligation until February 11th. The deadline for binding offers ends on March 8th. The insolvency proceedings are scheduled to open at the beginning of April.

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Goal: Preserve Galeria as a whole

In the interview, Denkhaus reiterated the goal of maintaining Galeria as a whole. “If potential investors are interested in individual locations or packages of several branches, we take note of this. However, we prefer to first speak to potential buyers who want to continue running the company as a whole.”

According to Denkhaus, there has already been initial feedback from potential investors. He did not name the exact number. “There are many. That makes me optimistic,” he said. According to the provisional insolvency administrator, the company will be fully financed until late summer.

Galeria filed for insolvency at the Essen district court at the beginning of January. It is the third bankruptcy within three and a half years.

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