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Berlin's KaDeWe department store, owned by struggling Austrian Signa Group, files for insolvency to negotiate lower rents following a 37% increase since pandemic onset.
In Berlin, the iconic KaDeWe department store, as well as two other stores in Munich and Hamburg, filed for insolvency on Monday.
The retail group, KaDeWe Group, which owns these stores, cited "exorbitantly high rents" in Berlin, Hamburg, and Munich, making it difficult to operate profitably in the long term.
While revenues have increased, rent prices have risen even more significantly since the beginning of the pandemic, creating a financial burden for the company.
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Los grandes almacenes KaDeWe de Berlín, propiedad del grupo austriaco Signa, se declara en insolvencia para negociar alquileres más bajos tras un aumento del 37% desde el inicio de la pandemia.