One year ago, German department store chain Galeria was able to end its insolvency proceedings and restart under new owners. Is the retailer back on track?
Ambition adjusted
At the relaunch last year, the new shareholders (American investor NRDC and German entrepreneur Bernd Beetz) pledged to keep 83 department stores in German city centres open and 12,000 employees on board. Today, the retailer indeed has 83 branches which are profitable and no new closures are planned, a spokesperson told Fashionnetwork. However, sales growth remains an ambitious goal in a challenging German market where consumers are limiting their spending.
