Germany’s last major department store chain files for insolvency protection for the third time

BERLIN (AP) — Germany’s last remaining major department store chain has filed for insolvency protection, its third filing in less than four years, after its owner ran into difficulties. Galeria Karstadt Kaufhof, which currently runs 92 stores and employs more than 15,000 people, said on Tuesday that it filed for insolvency at a court in Essen. The company is seeking a new owner and talks with potential investors are already underway. The move follows insolvency filings by several companies in the trading and real estate group of Austrian businessman Rene Benko — including Signal Retail Selection, Galeria Karstadt Kaufhof’s owner. Galeria is the result of a merger a few years ago of rivals Karstadt and Kaufhof.