For the man who would be retail king, these are dark days indeed.
An empire that stretches across Europe and the U.S., with shares in some of the worlds most iconic buildings and retail groups, has declared itself insolvent.
In doing so, it has left a number of Teutonic lenders heavily exposed to colorful Austrian entrepreneur Rene Benkos real estate empireand the future of some retailers in doubt.
Benkos Signa Holding, the part-owner of luxury department stores Selfridges and KaDeWe, Germanys Karstadt retail group, and New Yorks Chrysler building, among a huge empire, has declared its own insolvency.
Caught out by the end of cheap interest rates and declining demand for office space, plus a complex business structure that appears t…
Read the full article at: https://www.forbes.com/sites/markfaithfull/2023/12/01/creditors-close-in-on-chrysler-building-selfridges-and-karstadt-owner/