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 of a restructuring plan. The aim is the orderly continuation of business operations within the framework of self-administration and the sustainable restructuring of the company,” the company said. The insolvency of Prime Selection follows that of Signa Holding in late November. Signa Development Selection AG will reportedly follow Prime into insolvency proceedings on Dec. 29. The two units are regarded as the most important ones within the holding company.
Prime Selection comprises Signa’s most luxurious properties, including the Goldenes Quartier in Vienna, the Elbtower in Hamburg, the KaDeWe department store in Berlin, the department store properties of the German Galeria Karstadt Kaufhof chain and the British luxury department store chain Selfridges. Prime Selection, which builds and leases real estate, includes a total of 54 top properties. The retail operations of the department stores, on the other hand, are the responsibility of other companies within the group.
Signa Sports United (SSU), responsible for various online sports retailers, filed for insolvency in October. This was followed by smaller sub-companies and Signa Holding.
