Signa Retail GmbH is bankrupt
Published: Tuesday, May 7th 2024, 17:10
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The next bankruptcy in the Signa conglomerate affects Signa Retail. It is insolvent, as various Austrian creditor protection organizations announced on Tuesday.
The company's debts of 1.13 billion euros to 26 creditors are offset by assets of just 1.51 million euros. Nevertheless, the company is aiming for a restructuring process, for which it is offering a 20 percent quota within two years. "I am also asking myself how they intend to do this," said Cornelia Wesenauer from the Alpenländischer Kreditorenverband (AKV) to the APA news agency.
Signa Holding, which has been insolvent since November 2023, directly and indirectly holds a good 95% of Signa Retail. Due to the bankruptcy of the parent company, liability commitments made at Signa Retail level were called in, but could no longer be serviced due to a lack of financing from the shareholders. Signa Retail currently holds investments in various retail groups. These include the stake in the Swiss luxury department store chain Globus and those in the KaDeWe Group and the Selfridges Group.
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