German department store chain Galeria filed for insolvency at the Düsseldorf Local Court on October 2, 2026, its fourth such filing in six years. The company said the move creates a legal framework to stabilise the business, while its 83 stores and roughly 12,000 employees continue operating for now.
Galeria, Germany's largest remaining department store chain, applied for insolvency proceedings at the Amtsgericht Düsseldorf (Düsseldorf Local Court) on October 2, 2026, according to German news agency reports carried by Ariva.de and Dr. Web. It is the fourth insolvency filing for the company since 2020, following previous proceedings in 2022 and 2024.
In a statement cited by multiple outlets, the company said the filing "creates the legal framework to organize the current situation, stabilize the company and create conditions for a sustainable future." The firm did not immediately specify which stores, if any, would close as a result of the new proceedings.
What is known so far
All 83 Galeria stores across Germany are continuing to trade for now, Ariva.de and Fashion Network reported.
Around 12,000 employees are affected by the proceedings, according to Dr. Web and Fashion Network.
A temporary insolvency administrator had not yet been named at the time of reporting, per Dr. Web.
Whether staff will be eligible for insolvency compensation payments, and which locations might ultimately close, remained unresolved, Fashion Network reported.
How the company got here
Galeria has been owned since summer 2024 by a consortium led by US investment firm NRDC together with a holding company linked to entrepreneur Bernd Beetz, according to Dr. Web and Fashion Network. That ownership change followed the collapse of previous parent Signa Holding, the Austrian group controlled by René Benko, which had taken sole control of the merged Galeria Karstadt Kaufhof chain in 2019, according to Wikipedia's entry on the company. Under the new owners, the company moved its headquarters from Essen to Düsseldorf and dropped the Karstadt and Kaufhof names.
In April 2026, several landlords reported that Galeria had failed to pay, or only partially paid, rent for some locations, Dr. Web reported. In June 2026, the retailer secured financing of up to 160 million euros from US firm Gordon Brothers, secured against inventory and tied to a three-year restructuring programme, according to Fashion Network and Dr. Web. The following month, Galeria announced it was reviewing 33 stores and in talks with landlords over rental terms, warning that without solutions the continuation of those individual locations would be at risk, according to Dr. Web and Fashion Network.
The bigger picture for German retail
According to Ariva.de and Dr. Web, both citing the EHI Retail Institute, Galeria's net revenue fell from about 4.5 billion euros across 174 stores in 2019 to roughly 2 billion euros six years later, with fewer than half as many stores still open. Ariva.de also cited EHI figures showing department stores' share of German retail spending fell from 4.2% in 2020 to about 1.2% more recently.
Galeria insolvency filings since 2020
Year
Approx. closures reported
Store count after
2020
47 stores
-
2022
About 40 stores
-
2024
9 of 92 stores
83 stores
2026
Not yet announced
83 stores continuing for now
The filing comes weeks before the Christmas shopping period, when department stores typically generate a significant share of annual sales, Ariva.de noted.
Creates the legal framework to organize the current situation, stabilize the company and create conditions for a sustainable future.
— Galeria company statement, cited by Ariva.de and Fashion Network
Questions
Is this Galeria's first insolvency?
No. This is the fourth insolvency filing for Galeria since 2020, with previous proceedings in 2020, 2022 and 2024, according to Ariva.de and Dr. Web.
Will Galeria stores close immediately?
No closures have been announced yet. All 83 stores were continuing to trade as of the October 2, 2026 filing, according to Ariva.de and Fashion Network.
How many jobs are affected?
Around 12,000 employees work at Galeria's 83 remaining stores, according to Dr. Web and Fashion Network.
Who owns Galeria now?
Since summer 2024, Galeria has been owned by US investment firm NRDC together with a holding company linked to entrepreneur Bernd Beetz, according to Dr. Web and Wikipedia.
Why did Galeria file for insolvency again?
Reporting points to unpaid rent at several locations in April 2026, a 160-million-euro emergency credit line secured in June 2026, and a July 2026 review of 33 stores, according to Dr. Web and Fashion Network. The company's own statement said the filing was meant to stabilise the business and create conditions for sustainability.
How the world is telling it
GermanGerman outlets such as Ariva.de and Dr. Web framed the filing as the latest chapter in a years-long crisis for Germany's last major department store chain, emphasizing unpaid rents, emergency financing from Gordon Brothers, and the shrinking share of department stores in overall retail spending.
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