Signa Holding
Photo Credit: REUTERS/Leonhard Foeger/File Photo

Signa Holding GmbH Declares Bankruptcy, Withdraws Restructuring Plan

Signa Holding GmbH, previously a co-owner of the Selfridges Group, has announced its decision to file for bankruptcy, retracting its initial restructuring plan. This development casts uncertainty over the future implications for the Belgian department store, Inno, although it was previously reported to be unaffected by the restructuring efforts.

Previously, Signa Holding had focused on a value-based restructuring of its main subsidiaries, Signa Prime Selection AG and Signa Development Selection AG. On March 18, creditors approved a restructuring plan for these subsidiaries, which offered a 30 percent quota for unsecured insolvency creditors. These plans were ratified during the general meetings of Signa Prime and Signa Development.

Despite these efforts, Signa Holding acknowledged that it would no longer realize significant investment values from its stakes in Signa Prime and Signa Development. Consequently, the company will proceed with bankruptcy filings, as confirmed by trustee Christof Stapf.

The impact of Signa Holding’s bankruptcy on Inno remains uncertain. However, Inno’s CEO Armin Devender previously highlighted the department store’s robust health and independence from both Signa Holding and its German parent company, Galeria. Devender noted that Inno had successfully repositioned strategically over recent years, resulting in a positive EBITDA of over 10 million euros for the fiscal year 2021-2022, with similar success anticipated for the recently concluded financial year.

As the situation develops, stakeholders and observers alike are keen to understand the broader implications of Signa Holding’s bankruptcy on its associated entities and operations.

Related posts

Irina Shayk Experiments With a Risky Winter Trend

Katherine Langford

7 Sexy Summer Outfits That Are Hotter Than the Sun

Amelia Dimoldenberg

UK Inks Trade Agreement with Washington State, Eyes Florida Next

Joe Anderson