What: Galeria is reportedly selling Inno, its Belgian unit (which is profitable)

Why it is important: Thought COVID consequences were over? Galleria has to sell a profitable family jewel to repay the German state.

Galeria, a German retail company, intends to sell its Belgian department store chain, Inno, which includes 16 stores and an online shop. Although the sale is planned, no concrete negotiations have started, and operations remain unchanged for Inno's employees and customers. Inno employs 1,100 people. The company's CEO, Armin Devender, highlighted Inno's strong financial health, noting a gross operating profit of over EUR 10 million in the 2021-2022 fiscal year. After facing financial challenges in 2018-2019, Inno successfully rebounded, increasing its revenue by 25% to EUR 285 million in September of the previous year. The proceeds from the anticipated sale, estimated between EUR 50-100 million, will be used by Galeria to repay German state aid, as reported by Frankfurter Allgemeine Zeitung.

Inno is reported to be on sale