Galeria files its fourth insolvency application in six years
The 83 department stores remain open for now, but uncertainty is growing again for around 12,000 workers.
The German department-store chain Galeria has once again applied to the court in Düsseldorf to enter insolvency proceedings. It is the fourth application in six years; the shops will remain open for now while the implications for staff and branches are examined.
Galeria says the proceedings should provide a legal framework to stabilise the company and secure its future. On Friday, the company gave no further explanation of the immediate causes of the new financial problems. It is also not yet known which branches might have to close.
According to WDR, Galeria still operates 83 branches and employs around 12,000 people. The company has undergone several restructuring rounds since 2020. In earlier proceedings, several department stores disappeared from the network, while creditors waived billions of euros in claims to make it possible for the business to continue.
The new application does not mean that the shops will close immediately. During insolvency proceedings, the company can continue trading while an administrator or court examines what future is financially viable. Employees' position may change depending on the procedure chosen, the funds available and any agreements concerning wages or insolvency pay.
The uncertainty also affects landlords, suppliers and city centres. Department stores are often major tenants and attractions. A closure can free up retail space, but it can also affect pedestrian flows, hospitality businesses and the appeal of city centres. At the same time, branches with high costs and low turnover are difficult to make structurally profitable.
Galeria has been owned since 2024 by the American investment company NRDC Equity Partners and an investment vehicle belonging to entrepreneur Bernd Beetz. The current ownership structure in itself offers no guarantee that all branches will be retained. The court and the company will have to determine whether a new restructuring plan offers sufficient prospects.
For now, the main certainty is that the chain is once again seeking protection from creditors. The causes, the financial scale and the consequences for each branch have not yet been made public. The next concrete news will probably come from the insolvency process, talks with employees and suppliers, and any plans to sell or close branches.
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The key facts were confirmed by WDR and Deutschlandfunk on the basis of company information and dpa. Consequences for employees, landlords and city centres are described as possible consequences, not as established outcomes.
- confirmed Galeria has applied to the Amtsgericht Düsseldorf to enter insolvency proceedings. — Reported by WDR and Deutschlandfunk. source
- confirmed The 83 branches will remain open for now. — The company reported this via dpa; WDR and Deutschlandfunk repeated it. source
- confirmed Galeria has around 12,000 employees. — Mentioned by WDR and Deutschlandfunk. source
- confirmed This is the fourth insolvency application since 2020. — WDR lists the applications of 2020, 2022, 2024 and 2026. source
Editor's note
The new application, 83 branches, around 12,000 employees and the fourth proceedings since 2020 are certain. The causes, type of insolvency, insolvency pay and possible closures are still unknown.Sources
- Galeria stellt erneut Insolvenzantrag — WDR
- Jobs in Gefahr: Warenhauskette Galeria meldet erneut Insolvenz an — Deutschlandfunk
- Pressebereich Galeria — Galeria
More on this in Dutch media
- RTL Nieuws — „galeria insolventie”
- FD — „galeria insolventie”
- AD — „galeria insolventie”