Signa news and archive

Restructuring plan of Signa Holding GmbH deflects into bankruptcy

Signa Holding GmbH, long-time co-owner of the Selfridges Group, is turning its insolvency proceedings into bankruptcy, the company announced in a press release. The restructuring plan is thus withdrawn. What the bankruptcy means for Belgian department store Inno is not yet known. The focus of the restructuring plan was mainly on the value-based...

Business

Central Group reportedly eyeing takeover of Signa retail brands

Thailand’s Central Group is believed to be mulling a possible takeover of some of the real estate assets owned by the recently collapsed Signa Holding. This could include KaDeWe in Germany and London-based Selfridges, the latter of which Central already holds a significant stake in. According to a report by Business Insider, Central is believed...

Business

Two Signa subsidiaries file for insolvency, Selfridges seeks financing

Two key subsidiaries of the already insolvent Signa Group have filed for bankruptcy in what is the latest development in the downfall of the international retail empire. Both Signa Development Selection and Signa Prime Selection filed for insolvency last week, with the latter – a stakeholder in Selfridges and KaDeWe – believed to have already...

Business

Signa Group dissolves prominent advisory board

The real estate and trading group Signa, which has been hit by bankruptcies, has dissolved its prominent advisory board. The strategic advisory committee, which included the German management consultant Roland Berger, never had a legal function, but still incurred costs, according to well-informed circles on Thursday. Among the advisory board...

Business

Frasers Group withdraws SportScheck acquisition, mulls insolvency buyout

Frasers Group has said that it has “exercised its rights” to withdraw from its binding agreement to acquire Austrian sports retailer SportScheck after it filed for insolvency. Frasers had initially announced the deal with SportScheck owner Signa Retail Department Store Holding in October, which would have seen it acquire 100 percent of the...

BusinessFeatured

Selfridges co-owner Signa files for administration

Signa Group, the co-owner of British luxury chain Selfridges, has filed for insolvency after it fell victim to what it said was “severe economic pressure”. “Despite considerable efforts in recent weeks, the necessary liquidity for an out-of-court restructuring process could not be sufficiently secured, and so Signa Holding has now applied for...

Business

Selfridges co-owner Central Group takes control amid Signa crisis

Central Group, the co-owner of Selfridges, has stepped in to take full control of the luxury department store chain after its partner Signa Group continues to tackle an ongoing financial crisis. The Thai firm, owned by the billionaire Chirativat family, is understood to have gained control of the joint venture unit, which also operates the...

Business

Signa founder René Benko gives up power in the real estate group

Austrian property entrepreneur René Benko is stepping down from the management of the ailing Signa Group. As the company announced on Wednesday, the billionaire is stepping down as Chairman of the Advisory Board of Signa Holding. The German restructuring expert Arndt Geiwitz will take over the restructuring of the property and retail holding...

BusinessFeatured

Signa crisis: Frasers’ SportScheck takeover thrown into doubt, Central underlines commitment

Amid the ongoing reports of trouble at Austrian firm Signa Group, the potential impact of the company’s financial crisis is beginning to unfold in the wider business landscape. Signa, one of the co-owners of British department store Selfridges, is understood to be bringing in restructuring experts to help navigate the situation it has found...

Business

Signa Group raises 1.2 billion euro in equity

The Austrian retail and real estate group Signa Holding GmbH executed a capital increase of 700 million euros (around 775 million US dollars or 622 million British pounds) by its existing shareholders last week. Moreover, its largest subsidiary Signa Prime Selection AG, as the flagship real estate company of the Signa Group, will execute a 500...

Business

Germany’s two largest department stores get go-ahead for merger

The merger of the two largest department stores in Germany, Kaufhof and Karstadt, has been approved by The Federal Cartel Office, Germany's national competition regulator, after the office decided that there were no competition concerns in light of the growing importance of online commerce for consumers. ”We examined the project intensively....

People

Signa Sports Group strengthens its management team

Austrian sports e-commerce platform, Signa Sports Group, announced in a press release today that it has strengthened its management team, led by CEO Stephan Zoll and CFO Gerhard Willi, with the appointments of Philipp Rossner as CSO and Thomas Neumann as CTO. ”With Philipp Rossner and Thomas Neumann, we have found two top-level experts to...