Galeria's New Tenant Modehaus Aachener Faces Finance Troubles
The fashion-focused retailer Modehaus Aachener, which moved into six abandoned Galeria locations this year, is grappling with financial difficulties. In a statement from TEH Textilhandel, the company that holds the trademark rights for Modehaus Aachener, a spokesperson confirmed the filing for insolvency in Dortmund. The local court has appointed lawyer Christoph Schulte-Kaubrügger as the provisional insolvency administrator.
A letter from the management to employees, as reported by Handelsblatt, states that the company's ability to settle outstanding liabilities on time in full is uncertain. The insolvency filing, the management claimed, was the only way to restore the company's financial health.
With seven locations and around 355 employees, Modehaus Aachener had planned to add six former Galeria stores to their roster – in Frankfurt, Saarbrücken, Cottbus, Coburg, Nuremberg, and Leverkusen. However, these locations have yet to open, with only a sports outlet in Frankfurt's Zeil shopping street serving as a temporary solution.
Vacancies in the City Centre
The insolvency filing raises concerns about the future of these former Galeria stores. The possibility of these spaces remaining vacant, as feared by local politicians, retailers, and residents, could impact the city centre's appeal and image. Despite these fears, Modehaus Aachener stressed that operations in its existing stores would continue as smoothly as possible.
Examining the Future
While the possibility of reopening the former Galeria stores in the near future is being considered, the management hopes to preserve the opportunity to revive TEH Textilhandel's economic performance. The provisional insolvency administrator expressed optimism, stating that he saw opportunities for restructuring and that the operating business was secured temporarily.
Retail Sector Impact
Modehaus Aachener's financial instability has implications for the retail sector in Aachen. While the sources provided do not specifically address these implications, broader economic trends suggest potential challenges. The ongoing financial instability in the eurozone and supply chain disruptions, as highlighted by the ReSChape project and recent global events, could impact consumer spending and retail operations, potentially leading to vacancies in the city centre.
In conclusion, while Modehaus Aachener's financial troubles primarily affect their specific locations, the broader context of economic integration and supply chain disruptions suggests potential challenges for the retail sector in Aachen, potentially resulting in vacancies in the city centre.
