On Monday, it became official that Germany’s and one of Europe’s most luxurious department stores filed for bankruptcy.
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The department store has existed for 117 years
The bankruptcy concerns the popular department store Kadewe in Berlin, which has existed for 117 years. The German department store could be compared to the luxury department store Nordiska Kompaniet, NK, in Stockholm.
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A bankruptcy would affect 1,700 employees
A bankruptcy would affect the 1,700 employees in both Berlin, Munich and Hamburg.
The reason for the bankruptcy filing must be that there are “unreasonably high rents” for the premises. This should have made it impossible to create a profitable economic activity, writes German rbb24 Info radio.
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The popular store goes bankrupt – 220 employees lose their jobs