Galeria Kaufhof has filed for insolvency again. This is already the fourth insolvency within six years. #InsolvencyLand Financial situation: According to BILD information, Galeria only has about 10 million euros in liquidity left, while at least 20 million euros are needed. As recently as June, the company received a rescue loan of 160 million euros from Gordon Brothers. Consequences: Around 30 of the remaining 83 department stores are set to close, and thousands of jobs could be lost. Galeria currently employs nearly 12,000 staff, while last year's revenue is said to have been around 15 percent below the previous year's level and in September even around 25 percent lower. The renewed insolvency shows how great the economic pressure on Galeria remains despite previous restructurings and new financing. Thank you for this important tip! Source: BILD https://t.co/ZXRQFZYm7i https://t.co/ZXRQFZYm7i #Insolvenz #Wirtschaft #Arbeitsplätze (translated)