Galeria's fourth insolvency Jobs and wages uncertain

Oct 2

Tagesschau reports Galeria's fourth insolvency filing in six years and ver.di's accusation of management failures. Rupert Wiederwald visits the normally open Cologne flagship and says employees at all 83 stores were told that morning that insolvency would be sought. The company presents the application as a framework for stabilization and a sustainable future. The report describes discount campaigns and another summer loan used to repay debts and rent. Economist Jörg Funder says management lacked a clear direction and bold steps, and that new loans merely refinanced old ones. Roughly 12,000 employees face uncertainty over insolvency pay: the report says the previous procedure is unfinished and payment may be unavailable if the underlying cause is unchanged. The possible end of the chain remains conditional. Customers express pessimism; the court is expected to decide on Monday whether to grant the application.

Galeria files for insolvency for the fourth time in six years. ARD reports about 12,000 jobs at risk and stores remaining open initially. Its package quotes the company's stabilization rationale and ver.di's demand for clarity; Jörg Funder and Markus Gürne doubt another rescue while identifying management, strategy, shopping-pattern and property-cost problems. Court acceptance, closures and further job losses remain unresolved or prospective. Tagesschau's October 2 field report adds uncertainty over insolvency pay because the earlier procedure has not concluded and reports a prospective Monday court decision. It describes all 83 stores remaining open initially, without establishing wage payment, court acceptance or closure.