All Signa Holding articles
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News briefsFormer Kaufhof owner reportedly taking over Galeria Karstadt Kaufhof
According to German business publication Handelsblatt, US investor NRDC Equity Partners is to be granted the contract to operate the 92 locations of the German department store chain Galeria Karstadt Kaufhof. NRDC is the investment company of Canadian entrepreneur Richard Baker, who also owns a majority stake in the North ...
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ArticleItaly’s Cisalfa to take over SportScheck
Cisalfa Sport S.p.A. is the new preferred business partner of SportScheck GmbH and set to join the business operations. A corresponding agreement is still subject to approval by the German Federal Cartel Office, but the deal is expected to be finalized by June 2024. The German retail chain SportScheck will ...
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News briefsBenko files for insolvency as a sole proprietor
According to media reports, the founder of Signa Holding, the Austrian René Benko, has filed for insolvency as a sole proprietor. The Austrian Financial Procurator’s Office had already filed for insolvency against Benko as an entrepreneur at the end of January. This primarily concerned debts to the Austrian tax authorities, ...
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News briefsSigna Holding withdrawn from self-administration
By order of the Commercial Court of Vienna dated Jan. 25, 2024, Signa Holding GmbH was withdrawn from self-administration upon its own request. The proceedings will now be continued as restructuring proceedings without self-administration. This was announced by the Viennese lawyer, Dr. Christof Stapf, who was appointed as administrator. The ...
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News briefsSigna’s KaDeWe Group files for insolvency
Following various former Signa subsidiaries, the long-standing department store KaDeWe in Berlin has also filed for insolvency. The KaDeWe Group also includes the luxury department stores Alsterhaus in Hamburg and Oberpollinger in Munich, which would, therefore, also be affected by the proceedings. The company announced that the stores would, however, ...
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ArticleSeveral potential buyers for SportScheck
The Munich-based law firm Müller-Heydenreich Bierbach & Kollege, specializing in restructuring and insolvency administration, announced that the search for investors for the insolvent German sporting goods retailer SportScheck is progressing successfully. According to the provisional insolvency administrator Axel Bierbach, numerous interested parties had submitted offers by the end of the ...
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News briefsSelfridges seeks debt financing after Signa insolvencies
Following the wave of insolvencies that have hit the Signa Group, British department store chain Selfridges Group is reportedly in talks with the Thailand-based Central Group to negotiate future financing to settle outstanding debts. Signa bought Selfridges together with Central Group last year for £4 billion. Central became the majority ...
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News briefsSigna Prime Selection files for insolvency
Signa Prime Selection AG, the Swiss-based luxury real estate company of René Benko’s Signa Group, has filed for insolvency proceedings in self-administration with the Commercial Court of Vienna, according to a press release issued by the group on Dec. 28. “[…] The Executive Board has also applied for the adoption ...
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ArticleSigna insolvency proceedings: €5bn in liabilities
The restructuring proceedings with self-administration for Signa Holding GmbH were opened at the Commercial Court in Vienna on the evening of Nov. 29, 2023. According to the AKV creditor protection association, 42 service providers and 273 creditors are affected. According to the application, the debtor has assets with a book ...
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News briefsSportScheck files for insolvency, Frasers pulls out - for now
After the real estate and retail holding company Signa, led by Austrian magnate Rene Benko, filed for insolvency last week following failed attempts to secure new financing, German retailer SportScheck GmbH has now also filed for insolvency. SportScheck has 34 stores in Germany and reported annual sales of around €350 ...
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News briefsSigna Holding: Benko steps down, hands over chairmanship to restructuring expert
As the company announced on Nov. 8, 2023, Austrian real estate investor René Benko has stepped down as Chairman of the Advisory Board of Signa Holding and handed over the chairmanship to Arndt Geiwitz. The German restructuring specialist is also taking over the chairmanship of Signa’s shareholders’ committee, as reported ...
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ArticleSSU: Business as usual for Tennis-Point and Internetstores – and what else?
In a joint statement, the two insolvency administrators appointed, Dr. Christian Gerloff from the Munich law firm Gerloff-Liebler Rechtsanwälte and Stefan Meyer from Ulm-based Pluta Rechtsanwalts GmbH, point out that the operational business of the two insolvent Signa Sports United (SSU) spin-offs Tennis-Point GmbH and Internetstores GmbH (alias Internetstores Group, ...
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News briefsSigna Holding also facing challenges
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 ...
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News briefsSigna Sports United files for insolvency
Sports e-commerce company Signa Sports United (SSU), controlled by Austrian investor René Benko’s Signa Holding, has filed for insolvency. The Bielefeld District Court, where the application was filed, appointed Munich-based lawyer Christian Gerloff as insolvency administrator. The German business newspaper Handelsblatt was the first to report the insolvency filing, which ...
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News briefsNext SSU sub files for insolvency
Stuttgart-based Internetstores GmbH, which includes the bike and outdoor online shops Fahrrad.de, Bikester, Campz and Addnature, filed for insolvency at the Stuttgart District Court on Monday afternoon. The company is part of Signa Sports United (SSU), the sporting goods division of the Signa Group founded by Austrian investor René Benko. ...
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News briefsSSU: Tennis-Point insolvency will be followed by further insolvencies
According to information released after the insolvency of Tennis-Point GmbH, the parent company Signa Sports United (SSU) is preparing to open further insolvency proceedings in the coming days. Further insolvency applications for other legal entities of the SSU Group, “including Signa Sports United N.V.,” are in preparation, the company stated. ...
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ArticleFirst SSU subsidiary files for insolvency
Rumors are swirling: While Signa Sports United (SSU) offshoot Internetstores GmbH (Addnature, Bikester, Brügelmann, Campz, Fahrrad.de, Probikeshop) is said to have informed its suppliers of impending insolvency in self-administration and British affiliate WiggleCRC is believed to have done the same in its home country, German Tennis-Point GmbH has already filed ...
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News briefsLargest SSU shareholder terminates unconditional equity commitment
Shortly after deciding to delist from the NYSE, Signa Sports United (SSU) announced that it had received a termination notice regarding the unconditional equity commitment letter from Signa Holding GmbH, a privately held Austrian real estate and retail company and a subsidiary of the company’s largest shareholder, Munich-based Signa International ...
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ArticleSSU lands €150 million in funding, says worst of market disruptions are over
Signa Sports United (SSU), while bracing for less-than-stellar FY23 results impacted by macroeconomic headwinds and high industry inventory levels, is taking steps to generate €100 million in Ebitda savings by FY25 and less operational complexity in FY24 that will return it to profitable, long-term growth. Meanwhile, the Germany-based e-commerce company, ...
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News briefsCourt ends insolvency proceedings of Galeria Karstadt Kaufhof
By order of a German district court, the insolvency proceedings of the Galeria Karstadt Kaufhof (GKK) department store group will come to an end at the close of May 31. This makes legally binding the insolvency plan for the department store chain, which was approved by the creditors’ meeting of ...
