Signa's Galeria Karstadt Files For Third Insolvency Since 2020.

Germany's Galeria Karstadt Kaufhof, owned by Signa property and retail empire, has filed for insolvency for the third time in less than four years. The parent company, Signa Holding, had previously pledged €200 million in fresh capital to the struggling chain in exchange for debt write-downs, including €590 million of taxpayer money. Signa's handling of the company has faced criticism for its use of state subsidies and rent increases to boost property valuations. The department store chain was supposed to undergo a restructuring program that would halve its footprint. [Extracted from the article]