German retail giant Galeria insolvent in wake of Signa collapse

German retailer said it was seeking a change in ownership following the collapse of its parent company Signa in November

A sign on the Galeria Kaufhof department store, owned by Signa Holding GmbH, in Berlin, Germany, on Tuesday, Nov. 28, 2023. Austrian property tycoon Rene Benko transferred an 11.5% stake in Signa Holding GmbH to Swiss businessman Arthur Eugster in a sign of maneuvering around the embattled property and retail group as it holds last-ditch talks to secure emergency funding.

German department store giant Galeria Karstadt Kaufhof said on Tuesday that it had filed for insolvency following the collapse of its parent Signa amid a real estate crisis in the region.

Galeria, Germany's most prominent retailer, said it was seeking a new owner after being hit by the problems at Signa, the insolvent Austrian-based property empire that has become the biggest casualty so far in Europe's real estate crisis.