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Another Swiss Signa company goes bankrupt

Updated at 20 Mar 2024 7:50 am

Another company in Austrian investor René Benko's Signa empire has gone bankrupt. The bankruptcy court of the Zurich district court has opened bankruptcy proceedings against Signa Retail Sports Holding GmbH.

The insolvency proceedings were opened a week ago on March 13, according to a publication in the Swiss Official Gazette of Commerce (SOGC) on Wednesday.

According to the extract from the cantonal commercial register, the company acquired shares in Munich-based Signa International Sports Holding in 2018, which in turn held a stake in the online retailer Signa Sports United, which was still listed on the stock exchange for a time but is now also insolvent.

Several bankruptcies and debt restructuring proceedings

Signa Retail Sports Holding is part of René Benko's extensive conglomerate of companies. There have recently been several insolvencies in this network, some of them worth billions. Restructuring attempts are underway. Company founder Benko himself also had to file for insolvency.

In Switzerland, bankruptcy proceedings are already underway for Signa Retail Department Store Holding and Signa Retail Selection. Among other things, the latter holds the Signa Group's 50 percent stake in the Swiss department store group Globus. The remaining 50 percent of Globus is held by the Thai Central Group.

Several Signa companies are also in debt restructuring moratorium, for example Signa Real Estate Management Schweiz GmbH, Signa Financial Services AG, Signa European Invest Holding AG, Signa Retail Luxury Holding GmbH and Signa Retail Home & Living Holding GmbH. Others were dissolved by resolution of the Annual General Meeting and are currently in liquidation.

©Keystone/SDA

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