(L-R) Insolvency administrator Stefan Denkhaus, entrepreneur Bernd Beetz and CEO Galeria Olivier Van den Bossche make a press statement after the creditors’ meeting of Galeria Karstadt Kaufhof. Fabian Strauch/dpa
Major German department store chain Galeria Karstadt Kaufhof has avoided insolvency as creditors approved a plan to reorganize the ailing business, insolvency administrator Stefan Denkhaus announced on Tuesday.
The insolvency proceedings are thus formally close to being finalized. The district court in Essen, where the company’s…
