The Swiss Times - Swiss News in English

Signa bankruptcy: German KaDeWe Group to be rescued by restructurer

The German KaDeWe Group, which got into difficulties with the collapse of the Signa Group and the Berlin luxury department store of the same name, is to be put back on track by a restructurer. Josef Schultheis has been appointed Chairman of the Management Board and Chief Restructuring Officer of the KaDeWe Group, as the company announced on Tuesday.

According to the press release, Schultheis has already managed a large number of restructuring projects. The KaDeWe Group is part of the crumbling Signa Group owned by Tyrolean investor Rene Benko, which is largely insolvent. The Thai Central Group also holds a 50.1 percent stake in the company.

In Switzerland, the Signa Group holds a 50 percent stake in the Globus department store group. The remaining 50 percent of Globus is held by the Central Group.

©Keystone/SDA

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