One year after insolvency, branches operate profitably
One year after the end of insolvency proceedings, Galeria is drawing a positive interim balance. "83 of our stores are operating profitably. This is a great success," emphasizes a company spokesperson. No further closures are currently planned. The financial basis is also stable, so the company is looking "positively toward the future."
At the beginning of 2024, the department store chain filed for bankruptcy for the third time in four years. Nine stores were closed. Since summer 2024, Galeria has been owned by the US investment company NRDC and a private equity firm owned by entrepreneur Bernd Beetz.
At the beginning of the year, Beetz set a medium-term goal of increasing sales to €2,5 billion. Galeria doesn't provide specific figures on current developments, but points to "better than expected" results. Given the general downturn in consumer spending, the company considers this a success.
New concept, new partners
The renovation of the department stores continues: 20 stores have already been modernized, and four more are scheduled to follow by 2025. Galeria is also collaborating with brands such as Decathlon, Lidl, Snocks, and Copenhagen Studios to reach new target groups. The relocation of the company headquarters from Essen to Düsseldorf is still pending.
