Overview
- Galeria, which disclosed Tuesday it is renegotiating expiring leases at eight sites, warned some stores could shut if no viable terms are found.
- The affected locations are Berlin Kurfürstendamm, Berlin Hermannplatz, Köln Hohe Straße, Köln Breite Straße, Mannheim, Braunschweig, Munich Rotkreuzplatz, and Aschaffenburg.
- Company managers said talks with landlords are underway and gave no deadline for a decision.
- The firm will start talks on an Interessenausgleich and Sozialplan, German agreements that set how layoffs and severance would work to give staff clarity.
- Verdi accused owner Bernd Beetz of letting sites run down and urged new investment, while Galeria operates 83 stores with about 12,000 staff after a third insolvency in early 2024.