What: Galeria and Inno are in a dire situation now that owner Signa has collapsed.

Why it is important: Those two chains are not under the same ownership type as Kadewe and Selfridges, and therefore Central Thailand might not be able to be a white knight in this case.

The German department store chain Galeria, along with its Belgian subsidiary Inno, is seeking a new owner following the financial collapse of its Austrian parent company, Signa Holding. Signa, a real estate firm with substantial debts, has entered a restructuring process and sought protection from creditors. The company's CEO, René Benko, has stepped down, and a restructuring expert has been appointed.

Although Signa Holding is in financial distress, Galeria and Inno, operating under Swiss Signa Retail Selection AG, are not immediately threatened as they have filed for separate creditor protection. This move aims to shield the retail branches from the broader bankruptcy issues of Signa Group.

The board of Galeria, led by chairman Christian Wenger, is now overseeing an orderly business process independently, looking for potential buyers. Inno was already on sale prior to these developments. Meanwhile, Signa Retail Selection's stake in the Swiss department store Globus remains unaffected by these proceedings.

The Thai Central Group, a key player in European luxury retail, has reiterated its commitment to supporting its businesses in Europe, including Selfridges, which it recently acquired to safeguard it from Signa's financial troubles.

Galeria is looking for a new owner after the collapse of Signa