2023-10-17 17:04:43
The German store group, Galeria, is preparing to sell its Belgian subsidiary Inno, the German daily Frankfurter Allgemeine Zeitung reported on Tuesday. The official announcement is expected at the end of this week.
Inno has 16 stores in Belgium and employs around a thousand people. The Belgian subsidiary closed the year 2022 with a profit of 2.6 million euros and is carrying out a refresh of its shops, destined to take on a more prestigious appearance.
According to the Frankfurter Allgemeine Zeitung, Galeria indicated that it was banking on Inno sales revenue in the mid-double digits, estimated in the millions, or around 50 million euros.
This return should mainly go to the German state, specifies the daily. The latter had in fact intervened with a significant subsidy when the group was going through financial difficulties. Creditors approved a rescue plan for Galeria in March. Some 4,000 of the 17,000 jobs must go down the drain.
1697588339
#Belgian #Inno #stores #sale
