US Warehouse Group Galeria receives further state aid

21:51  25 january  2022
21:51  25 january  2022 Source:   pressfrom.com

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new aid package for Galeria Karstadt Kaufhof: Germany's last large department store chain gets further state aid in a three-digit million height to tackle the Corona crisis.

Der Warenhauskonzern Galeria am Berliner Alexanderplatz. © Annette Riedl / DPA The department store company Galeria am Berliner Alexanderplatz.

According to DPA information, the trade giant is intended to receive the federal silent deposit economy stabilization fund of 250 million euros, including 220 million euros as a liquid medium. Previously, the editorial network of Germany (RND) had reported about it.

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"Just for the inner cities are two years of pandemic a special stress. Especially the stationary trade is particularly struggling with the restrictions, "said Minister of Economics Robert Habeck (Greens) to the RND. "Therefore, we have decided that the Galeria Karstadt Kauststoffund Kausthof reaches again under his arms."

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The trade association Germany (HDE) welcomed the planned financial syringe for the department store chain. "Galeria's department stores are definitely for many inner cities system-relevant companies that many customers also move into the neighboring retail trade," said HDE-General Managing Director Stefan Genth.

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It's already the second time that the trading giant in the pandemic of Karstadt and Kaufhof created by the merger of the traditional company Karstadt and Kaufhof have to use. Already at the beginning of 2021, the Economic Stabilization Fund (WSF) had gripped the department store company with a loan of 460 million euros under his arms.

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After this injection, the Group had actually hoped to have survived the worst. In October, Group Chef Miguel Müllenbach introduced a new future concept with which he wanted to overtake the 131 department stores overall. Overall, the Group wanted to spend 600 million euros for modernization.

Group speaks of «Quasi-Lockdown»

but the rising corona infection numbers and the introduction of the 2G rule in fashion trade, which allows only vaccinated and recently allowed access, Galeria made a dash through the bill. For the Group, this was equal to a "Quasi-Lockdown in the middle of the Christmas business", Galeria Financial Officer complained to Guido Mager. He expected a decline in sales of 40 percent in December. Galeria had therefore asked for a supplementary loan. The manager warned then: "When the department stores close, the fully hit the inner cities - especially on medium and small."

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HDE-General Managing Director Genth Stressed, Galeria does not stand alone with his problems in the pandemic. "Many trading companies see themselves in great economic distress due to 2G customer frequencies and sales." The bridging aids of the Federal Government still had rough construction errors, so that they often do not help. Genth therefore pleaded abolished the "useless 2G control when shopping". "No trading company is happy to depend on state aid, the traders want to finally want to work economically again.»

The Federal Government had founded the economic stabilization fund (WSF), which now reaches Galeria under his arms, founded in March 2020 in order to support large companies with guarantees and capital aids in the Corona crisis and to receive jobs. Of this, in addition to Galeria, the Lufthansa and the Travel Group Tui also benefit.

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