(Bloomberg) — The implosion of Rene Benkos luxury property and retail empire engulfed the unit that holds a stake in the Selfridges department store.
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Signa Prime Selection AG, which owns most of the groups luxury properties including Berlins KaDeWe, filed for restructuring under self-administration Thursday, the company said in a statement. Signa Development Selection AG, the other main property-holding unit, will make a similar request Friday.
The closely held companies application for creditor protection follows a series of similar moves in recent weeks after their umbrella organization filed for insolvency in late November. Rising interest rates contributed to a cash crunch at the complex group, which relied…
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