German KaDeWe Files for Insolvency to Escape Signa Rents
- Owner Central Group ‘remains committed’ to KaDeWe chain
- Luxury Berlin department store’s rent up 37% since 2018-2019
The KaDeWe department store on Kurfurstendamm avenue in Berlin.
Photographer: Jacobia Dahm/BloombergThis article is for subscribers only.
The collapse of Rene Benko’s real estate empire is spreading to his luxury retail assets, with department store operator KaDeWe Group filing for insolvency in Berlin.
KaDeWe, which runs the eponymous department store in Berlin as well as high-end outlets in Munich and Hamburg, was “forced” to apply for a self-administered insolvency to uncouple from the high rents it has to pay, the company said in a statement on Monday.