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 The restructuring plan is thus withdrawn.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 restructuring of the main associated companies, Signa Prime Selection AG and Signa Development Selection AG, the press release said. Creditors accepted a restructuring plan for the two companies with a 30 percent quota for unsecured insolvency creditors as recently as 18th March. These were approved at the general meeting of Signa Prime and Signa Development on Wednesday.
Signa Holding would participate as the fourth largest shareholder in the proceeds. “Signa Holding is therefore no longer expected to realise significant investment values from the investments in Signa Prima and Signa Development,” the company said in the press release. Signa Holding will be declared bankrupt, with court approval, by trustee Christof Stapf.
It is as yet unclear what the bankruptcy means for Belgian department store Inno. Earlier, however, it was announced that Inno would not be affected by the reorganisation. “Inno is healthy and follows an independent course from both Signa Holding and its German parent company Galeria. Our strategic repositioning in recent years has achieved its goal. In the 2021-2022 financial year, Inno achieved a positive EBITDA of more than 10 million euros, and we are also heading for an excellent result for the financial year that just ended,” reported Inno CEO Armin Devender in a press release at the time.
This article was originally published on FashionUnited.nl. Edited and translated by Simone Preuss.
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