Published in Fashion on 28-01-2021
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Galeria Karstadt Kaufhof is receiving hundreds of millions of euros in state aid. With the importance of the department store group for town centres as the main argument, although not everyone is convinced.
Anchoring function
The German government wants to support Galeria Karstadt Kaufhof, which made a fresh start in October last year, in the Covid-19 crisis. It is a bridging measure in the form of a subordinated loan of up to 460 million euros. The support is subject to strict terms and conditions. The department store group still has to decide on the proposal, writes Germany's public broadcaster WDR.