At the end of October, Galeria Karstadt Kaufhof opened for the second time since 2020 insolvency required. The company now wants to get rid of at least a third of its branches to finance the conversion of the others to the new Galeria 2.0 concept. We’ve compiled which locations are most likely to need to close, which ones have already closed, and which ones will continue to exist.
The dual venues will probably have to close
Galeria will probably clean up the double locations that were created by the merger of Karstadt and Kaufhof and are partly unprofitably close to each other. Nuremberg, Hamburg and Regensburg, for example, risk losing positions. The same goes for Saarbrücken.
Likely shocks also the offices that Galeria wanted to close when it filed for bankruptcy two years ago, but which have just been saved. These include, among other things DortmundPotsdam and two locations in Nuremberg.
Premium locations and Galeria 2.0 branches are safe
Under no circumstances will Galeria close its best stores in prime locations in major cities. Only eight houses fall into this category:
Galeria has converted some locations to the new Galeria 2.0 concept. These should also be quite safe due to the investments that have already flowed into them. These include the new ‘Weltstadthaus’ in Frankfurt Hauptwache, the ‘regional magnet’ in Kassel and the ‘local forum’ in Kleve, all of which serve as models for the future of galleries in large, medium and small cities.
Nearly 50 branches belong to the owner of Galeria Signa. The company should only shut them down if it comes up with better plans for their use.
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Buero.de wants to take over 47 branches
Buero.de has filed a takeover bid for 47 branches. The head of Buero.de, Markus Schön, told the RND that he wanted to “make an offer to all employees and not close any of the 47 locations”.
Buero.de is interested in branches that would probably have no future without the takeover of the online retailer, but also in some that Galeria wants to keep. Among other things, Buero.de wants to continue the locations in Erfurt, Bremen and Rosenheim with a similar concept to the previous one, but the names Galeria, Karstadt and Kaufhof are to be dropped, reports the DPA. Negotiations are ongoing.
Although Galeria is happy to sell some locations, the outcome of the deal is uncertain for others. Buero.de wants to take over the Fulda branch, which Galeria has already upgraded to Galeria 2.0.
Buero.de has also expressed interest in the Karstadt location in Wismar (Mecklenburg-Western Pomerania). It was there that Rudolph Karstadt founded his “Karstadt fabric, manufactory and confectionary shop” in 1881 with cheap fixed prices for cash. Today’s department store was built in 1907. It is also unclear whether Galeria will give up the historic building.
According to the company, it has not yet been definitively decided which branches are under threat of closure. A spokesperson for the company told the German news agency on Tuesday that Galeria would seek talks with the owners as soon as possible. “The possibility of retaining a seat will also depend a lot on these talks.” It will not only be about the rent, but also about other issues such as the use of space, energy-related renovations or modernization and construction measures.
More on the topic: With the complete list – the offer is available! These 47 branches of Galeria are about to be saved
The end is already certain for these branches of Galeria
For some Galeria branches, the end was already certain before the current insolvency. According to the Handelsblatt, this includes the Halle e Hanover at the Marktkirche, where the leases expire at the end of January 2023. Berlin Wedding will close at the end of next year. In the Hamburg-Wandsbek branch, the owner Union Investment has been planning the conversion since June 2024 and the lease in Esslingen is also expiring. The owners of the Cologne Breite Straße and Frankfurt Zeil locations are planning new buildings without a gallery.
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