Globus co-owner in provisional debt restructuring moratorium
Signa Retail Selection AG, which holds 50% of the shares in the Globus department store group, will be separated from the parent company and liquidated.
The Swiss Signa Retail Selection AG has had its application for a provisional debt restructuring moratorium approved by the Zurich District Court, as reported in the Swiss Official Gazette of Commerce. Attorney Eugen Fritschi from the Zurich law firm Bühlmann & Fritschi Rechtsanwälte has been appointed as provisional administrator. The provisional debt restructuring moratorium will last for four months until April 5, 2024.
According to the company, the debt-restructuring moratorium is intended to prevent the Swiss Signa Retail Selection from being affected by its insolvent Austrian parent company. Instead, it is to be separated and liquidated in an orderly manner. The Board of Directors expects to be able to settle all external liabilities and to sell the assets in a well-organized and structured process over the coming months, the company announced.
Co-owner Central Group reaffirms its commitment to Globus
Signa Retail Selection holds a 50% stake in Globus, co-owned by the Thai Central Group, which recently reaffirmed its commitment to Globus. "Central Group remains firmly committed to securing and supporting its European luxury businesses regardless of the financial situation of its partners," the group told the news agency AWP.
Globus CEO Franco Savastano has now also commented on the insolvency of the co-owner. He told the regional broadcaster "Tele Züri" that liquidity had been secured and that business operations were going well. The renovation work on the Globus store on Bellevue is also continuing and the store is set to reopen in fall 2024 as planned. The property is owned by PSP Swiss Property. He is also very confident that a solution will soon be found for the Signa stake, Savastano added.
In the meantime, other Swiss Signa companies are also in provisional debt-restructuring moratorium: Signa European Invest Holding AG, Signa European Invest AG and Signa Retail Luxury Holding GmbH. According to media reports, Signa European Invest Holding bundles Signa's investments in Globus, Selfridges and the KaDeWe Group. (ah)
