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Following bankruptcy, the entity experiences an upward trend.

Despite filing for bankruptcy last year, Galeria's 83 stores are currently thriving.

Post-bankruptcy, the company witnesses a recovery.
Post-bankruptcy, the company witnesses a recovery.

Following bankruptcy, the entity experiences an upward trend.

After a tumultuous few years, German department store chain Galeria, previously known as Galeria Karstadt Kaufhof, has emerged from insolvency under new ownership and is determined to preserve over 70 of its department store locations. The new owners are actively negotiating contracts with real estate owners, with an insolvency plan still requiring court and creditor approval [1][2].

As part of the rebranding and store renovation plans, Galeria is focusing on extensive restructuring, which implies efforts toward renovation and modernization of the retained stores. The aim is to reestablish Galeria's position in the German retail market and create a more attractive and modern image [1]. The company is also committed to maintaining a strong brand presence with renewed customer appeal.

The new headquarters will be located in Düsseldorf, with about half of the administrative jobs (over 450 positions) being cut as part of the restructuring efforts [1][2]. In an attempt to attract younger customers, Galeria has formed partnerships with retail giants Lidl, Snocks, and Decathlon. However, no details about the nature of these partnerships have been disclosed [1][2].

Last summer, 20 branches of Galeria underwent renovations, with more planned for the future. The total estimated investment needed for renovating all Galeria stores is substantial, with each branch requiring an estimated investment of around 20 million euros [1]. Despite the challenges, Galeria is not planning any further closures of its branches at this time [1].

In an effort to distance itself from its old names like Karstadt and Kaufhof, Galeria is planning to adopt a new look for the future. The company aims to appear fresher and more modern, with the goal of becoming more attractive to a wider audience [1].

Sources: [1] https://www.handelsblatt.com/unternehmen/handel/galeria-karstadt-kaufhof-wird-aus-insolvenz-entlassen/26884646.html [2] https://www.reuters.com/business/retail-consumer/german-department-store-chain-galeria-karstadt-kaufhof-to-close-essen-headquarters-2021-06-24/

Galeria is looking to fortify its presence within the retail industry by investing significantly in store renovations and modernizations, aiming to generate a more appealing and contemporary image, particularly for younger audiences. To bolster its brand in the competitive finance sector, the company has also established strategic partnerships with retail giants Lidl, Snocks, and Decathlon, albeit the specifics have yet to be revealed.

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