Globus parent company applies for creditor protection
Published: Wednesday, Nov 29th 2023, 20:20
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The parent company of Magazine zum Globus AG, as the department store group is known, has applied to the competent court for a debt restructuring moratorium. The operational business of Globus is not affected by these proceedings.
The move is intended to prevent the Swiss Signa Retail Selection AG from becoming dependent on the insolvency proceedings of its Austrian parent company, the company announced on Wednesday evening. It will be separated from the parent company and liquidated in an orderly manner.
"This step enables the Board of Directors and the Executive Board, in cooperation with the administrator, to wind up the business in an orderly and transparent manner, independently of the insolvencies of the rest of the Signa Group," Chairman Christian Wenger is quoted as saying in the press release.
The Board of Directors expects to be able to settle all external liabilities and to sell the assets in a well-organized and structured process over the coming months.
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