KaDeWe Group, which operates some of Germany’s most famous department stores, has filed for voluntary insolvency.
Rising rents and the collapse of its co-owner Signa Holding which recently filed for insolvency have been cited as key reasons for the move.
The retail group owns the eponymous Berlin-based Kaufhaus Des Westens (KaDeWe), Oberpollinger in Munich and Alsterhaus in Hamburg.
These stores are co-owned by Thai multinational conglomerate Central Group, which owns a 50.1% stake, and troubled property giant Signa Holding.
KaDeWe Group has filed proceedings for self-administration with the Berlin Charlottenburg District Court in a bid to uncouple from the high rents it has to pay.
A company statement said rent had risen 37% sinc…
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