What: The German department store group has hired Olivier van den Bossche, former head of the Kaufhof chain, to take charge after the judicial receivership is over.

Why it is important: The new CEO is uniquely qualified to make a fresh start for the group as they come to the conclusion of the receivership procedure and look to come out of their financial difficulties.

The current CEO of Galeria, Miguel Müllenbach, has become CEO of Galeria’s parent company, Signa Retail and is also now a member of Galeria’s supervisory board.

Olivier van den Bossche was formerly the CEO of the Kaufhof department store chain for two and a half years, then worked the Dutch cosmetics producer Rituals, before returning to the department store sector last June as Galeria’s head of sales.

Struggling department store group Galeria Karstadt Kaufhof hires former director