Galeria Names 33 At-Risk Stores: Negotiations with Landlords Underway
Düsseldorf, July 22, 2026
Jacopo Strada / Wikimedia Commons / Public domain
Summary
Galeria filed for insolvency for the third time within a few years in early 2024.
Düsseldorf, July 22, 2026
Background: Third Insolvency and New Ownership
Galeria filed for insolvency for the third time within a few years in early 2024. The department store chain had run into difficulties amid the insolvency of its Austrian parent company Signa. An investor consortium later took over the department store chain. The new owners dropped the names Kaufhof and Karstadt, among other measures, and relocated the corporate headquarters from Essen to Düsseldorf.
Only at the end of June, the struggling department store chain had received a loan of up to 160 million euros from the US investment firm Gordon Brothers. The money is tied to a three-year restructuring plan, which also includes reviewing the store network of currently 33 locations.
Negotiations Already Underway at Nine Locations
Of Galeria's total 83 stores, 33 are on the line. According to the company, negotiations have already been ongoing for several months at nine locations. These include three stores in Berlin, two in Cologne, and one each in Munich, Mannheim, Braunschweig, and Aschaffenburg. Talks at the remaining 24 locations have now also been launched.
Galeria CFO Norman Krotten explained the strategy: "Bei den weiteren 24 Standorten starten wir jetzt proaktiv Gespräche, um bestehende Verträge an die lokalen Gegebenheiten und veränderten Marktbedingungen der jeweiligen Stadt anzupassen". Negotiations with the landlords of the stores are "einer von sechs strategischen Hebeln" of a strategic realignment of the company resolved in June, Galeria stated.
The Strategy of Six Levers
The goal is to develop a commercially viable perspective for the 33 locations as quickly as possible. Should the negotiations fail, "konzeptionelle Anpassungen die Konsequenz sein". This means: the stores could no longer be operated "nicht mehr als klassisches Warenhaus". Under certain circumstances, the stores could also close entirely.
At individual locations, however, the conditions are "sehr herausfordernd", the company warned. Talks with landlords and local partners are also planned for the remaining 50 locations, Galeria added. Since all stores have optimization potential in this regard, discussions with landlords are also to be held at the remaining 50 locations.
Galeria Managing Director Tilo Hellenbock emphasized: "Viele Häuser haben noch nicht ausgeschöpft, was in ihrem lokalen Markt möglich ist". "Wir werden jeden Standort einzeln und ergebnisoffen betrachten", Hellenbock continued. As early as June, it had become known that around 30 of the remaining 83 stores were considered at risk.
Affected Locations in the Federal States
The list of locations now released includes stores in almost all federal states. In Baden-Württemberg, Freiburg (Europaplatz), Heilbronn, Mannheim, Offenburg, and Singen are affected. In Bavaria, Aschaffenburg, Bayreuth, Memmingen, Munich (Rotkreuzplatz), and Würzburg are on the list. Brandenburg with Potsdam, Hamburg with Eimsbüttel, Mecklenburg-Vorpommern with Wismar, and Lower Saxony with Braunschweig and Oldenburg are also represented.
In North Rhine-Westphalia, seven of the remaining 17 open stores are under review: Euskirchen, Kleve, Cologne (Breite Straße, Hohe Straße, and Nippes), Mülheim (Rhein-Ruhr Zentrum), and Münster (Salzstraße). A significant share of the at-risk locations is thus concentrated in Germany's most populous federal state. Rhineland-Palatinate is also heavily affected with Bad Kreuznach, Koblenz, Mainz, and Speyer.
Two affected locations are also in Hesse: the stores in Bad Homburg and Limburg. In Saxony-Anhalt, Magdeburg is on the list. Berlin is particularly frequently represented with Alexanderplatz, Hermannplatz, Kurfürstendamm, and Spandau.
Relief in Berlin-Tegel
On Wednesday morning, it was announced that the Galeria store on Gorkistraße in Tegel will remain open. The Berlin neighborhood had repeatedly suffered from vacancies in the past: in 2023, C&A moved out, then the long-established shoe store Leiser also closed. The pedestrian zone in northern Berlin had been reopened a year earlier following a 250-million-euro renovation.
"Karstadt war in Tegel immer ein starker Anker", said Reinickendorf district representative Felix Schönebeck (CDU). "Dass die Filiale in der Gorkistraße erhalten bleibt, ist daher eine sehr gute Nachricht für Tegel", Schönebeck continued. He had "nach der Schließung vom Nachfolger 'Hertie' sehr lange dafür gekämpft, dass Galeria zurück nach Tegel kommt".
Outlook for the Coming Months
Galeria is one of Germany's best-known department store chains, whose history was tied for decades to the names Kaufhof and Karstadt. After the takeover by the new investor consortium, these brand names were dropped and the headquarters relocated to Düsseldorf. The renewed site review comes at a time when brick-and-mortar retail is already under massive pressure in many city centers.
The immediate consequences for employees are not yet foreseeable. Galeria stated that the goal is to develop a commercially viable perspective for the 33 locations as quickly as possible. At the same time, the company pointed out that at individual locations the conditions are "sehr herausfordernd". The coming weeks and months will show which of the stores can be retained through negotiated solutions and which may disappear from the market entirely.
Questions & Answers
Which specific Galeria stores are affected by the review?
Galeria has named a total of 33 locations, including in Baden-Württemberg Freiburg, Heilbronn, Mannheim, Offenburg, and Singen, in Bavaria Aschaffenburg, Bayreuth, Memmingen, Munich (Rotkreuzplatz), and Würzburg, as well as in Berlin Alexanderplatz, Hermannplatz, Kurfürstendamm, and Spandau.
Who is leading the negotiations at Galeria?
The negotiations are being led by the management team around Managing Director Tilo Hellenbock and CFO Norman Krotten, who serve as the central voices of the strategic realignment.
Why is Galeria reviewing 33 stores right now?
The review is part of a restructuring plan resolved in June, which is tied to a 160-million-euro loan from the US investment firm Gordon Brothers and is intended to develop a commercially viable perspective for the locations.
