Top executive Stephan Fanderl is leaving department store chain Galeria Karstadt Kaufhof, which will have to find a new CEO to manage the urgent restructuring. Fanderl has been at the head of Karstadt since 2014 and in 2018 he also took charge of the new group created by the merger with Galeria Kaufhof. He may be succeeded ad interim by financial director Miguel Müllenbach.

Galeria Karstadt Kaufhof is currently struggling for its survival and received legal protection. A restructuring plan is to be submitted by the end of June. It could be a particularly difficult operation, possibly involving the closure of 80 of the 170 German branches and the loss of some 5 000 jobs.

The restructuring plans would have little impact on the Belgian subsidiary of the merger group, Galeria Inno. The chain, which still has 16 branches, is doing well and is currently working on a recovery plan, declared CEO Armin Devender recently.