Migros remains silent on any financial ties with Signa
Published: Thursday, Nov 30th 2023, 14:40
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Migros is not commenting on whether there are still financial ties with Austrian investor René Benko's cash-strapped Signa Group following the sale of the Globus department store chain three years ago. Signa and the Thai Central Group took over the Swiss department store chain in 2020.
"We have sold the Globus AG magazines to the two companies mentioned above. We have agreed not to disclose the details of the contract. Beyond that, there is no business relationship," said Migros spokesperson Marcel Schlatter in response to an inquiry from the news agency AWP.
Globus parent company seeks protection from creditors
In Switzerland, the parent company of Magazine zum Globus AG has applied to the competent court for a debt restructuring moratorium. This step is intended to prevent the Swiss Signa Retail Selection AG from becoming dependent on the insolvency proceedings of the Austrian Signa Group.
Signa Retail Selection is thus to be separated from the parent company and liquidated in an orderly manner, as the latter had already announced on Wednesday evening. The move will enable the business to be wound up in an orderly and transparent manner in cooperation with the administrator, independently of the insolvencies of the rest of the group.
The Thai Central Group, the other Globus owner, had previously reaffirmed its commitment. "The Central Group remains firmly committed to securing and supporting its European luxury businesses regardless of the financial situation of its partners," the group owned by the wealthy Chirathivat family told the news agency AWP.
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