What: During the restructuring of Galeria Karstadt Kaufhof, six branches with a total of around 500 jobs will not be closed, reducing the number of branches set to close from 16 to 10.

Why it is important: The decision to save six additional branches is a significant step in preserving jobs and supporting local economies. It reflects the collaborative efforts of the insolvency administrator, management, and local stakeholders to find viable solutions that benefit employees and maintain vibrant city centers.

Galeria Karstadt Kaufhof has announced that six branches previously scheduled to close on August 31 will remain open, saving approximately 500 jobs. The branches in Berlin-Spandau, Cologne (Breite Straße), Mainz, Mannheim, Oldenburg, and Würzburg will continue operations, reducing the total number of branches set for closure from 16 to 10. This move comes as part of the company's restructuring efforts led by insolvency administrator Stefan Denkhaus, who highlighted the crucial role of subsequent offers from landlords in reaching this decision. The overall restructuring plan, approved by creditors, aims to secure the future of 82 branches while cutting down high-rent locations. The new ownership by the US investment company NRDC and entrepreneur Bernd Beetz's holding company is set to begin on August 1, ensuring that around 11,900 jobs will be retained.

Six more Galeria locations saved