KaDeWe Group is preparing to file for insolvency

There is apparently no end to the chaos in René Benko’s Signa Group: After Galeria, the KaDeWe Group with department stores in Berlin (KaDeWe), Hamburg (Alsterhaus) and Munich (Oberpollinger) is now facing bankruptcy. The bankruptcy filing is said to be already in progress.

The wave of bankruptcies in investor René Benko’s Signa Group began last November. Nevertheless, KaDeWe remained calm. The management stated that the turbulence had “no impact” on KaDeWe. Even after the bankruptcy of Benko’s Galeria Karstadt Kaufhof department store chain three weeks ago, the KaDeWe Group seemed unimpressed. But the chaos that has been going on for months in Benko’s real estate and trading group is now also having an impact on business in the luxury department stores. According to information from “Capital”, the KaDeWe Group is preparing its own insolvency application.

On Sundays, which were open for shopping in the rest of Berlin, the KaDeWe remained closed. Berliners and tourists stood in front of closed doors. It is not clear whether there is a connection to the reports.