The slowdown in the real estate market is hitting René Benko’s Signa Holding severely, according to an article in the Austrian magazine News. Signa Holding is an investment holding company operating in the real estate, retail (Galeria Kaufhof, Signa Sports United (SSU), KaDeWe) and media (minority stake in Austrian newspapers Krone and Kurier) sectors. The loss is said to have totaled around €505 million in 2022. According to the media report, liabilities rose from €634 million to €1.99 billion. In 2021, the holding company still reported an annual profit of €570 million. Earlier this month, Signa Holding had withdrawn a €150 million capital commitment for SSU after SSU announced its delisting from the NYSE. As a result, the retail group floundered and the first insolvencies were filed for some of SSU’s online stores.
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