The Swiss Times - Swiss News in English

KaDeWe Group with Vienna-based Lamarr filed for definitive insolvency

On Monday, Tyrolean René Benko's struggling Signa Group went through another major bankruptcy, which had already been expected. The German retail company KaDeWe Group with the luxury department stores KaDeWe in Berlin, Oberpollinger in Munich and Alsterhaus in Hamburg has filed for insolvency.

However, the stores will continue to operate, the company told Deutsche Presse-Agentur on Monday. In Vienna, only the shell of the planned Lamarr department store on Mariahilfer Strasse has been completed so far.

Prior to the insolvency announcement, several media reports had already speculated about this move. The KaDeWe Group is 49.9 percent owned by Signa, with the remaining 50.1 percent belonging to the Thai Central Group, which also owns half of Globus. The parent company of the KaDeWe Group is Signa Retail Selection, which is based in Switzerland and also owns the already insolvent department store chain Galeria Karstadt Kaufhof.

©Keystone/SDA

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