Max Noble · Morning BriefGermany
Germany · Department stores
Galeria
It has signed a loan to keep goods flowing during the procedure, and an adviser is looking for a buyer. Its administrator expects that not all 83 stores can continue.
−90FiledMax Noble ScoreA court process has begun.
Next score update: . The board is rechecked every morning.
1Where it stands
A court process has begun.
Galeria filed an insolvency application on 2 October, its fourth in six years. The Düsseldorf court ordered provisional proceedings on 5 October and named Frank Kebekus provisional administrator. Full proceedings have not been opened.
2The signals
What the sources say.
- Fourth insolvency application in six years; provisional proceedings since 5 October. 83 stores, about 12,000 staff · cash-online.de
- Signed a loan for the insolvency period with Gordon Brothers; goods are flowing and vouchers can be used again · infranken.de
- Provisional administrator Frank Kebekus said not all 83 stores will probably continue · zdfheute.de
Every line links to its source. The Score and the verdict are Max Noble’s analysis.
Next
The full case is coming.
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