Partial operations suspended: Vienna court approves Signa savings plan

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Stapf announced on Tuesday that this situation will affect the majority of the holding’s 43 employees, especially hunting, flying, security and event management personnel responsible for representation and business establishment duties. Employees either receive notice of termination or can leave the company with the right to three months’ severance pay.

According to the restructuring manager, all assets that are not strictly necessary for the holding company will be divested immediately. “The commercial court immediately approved the request for closure of the subdomains on Monday,” Stapf said. «The relevant part of the holding’s operation incurred significant ongoing costs. Therefore, if this continued, it would lead to an increase in the losses suffered by bankruptcy creditors,” the restructuring manager continued.

According to the news of the Austrian newspaper “Kronen Zeitung” and confirmed by APA, Signa Holding had accumulated 4.9 million euros in travel expenses, 2.2 million euros in private jets, 409 thousand euros in hunting, 722 thousand euros in security and 463 thousand euros in helicopter expenses last year. . In the liquidity plan for the next three months, it is stated that travel expenses are 23,000 euros per month. While Signa Holding spent 2.7 million euros on lawyers last year, it has now allocated 50 thousand euros for the next three months.

Swiss Signa Retail Selection AG, the parent company of Magazine zum Globus, also applied for a debt moratorium with the responsible court. The aim of the move is to prevent the Signa subsidiary from becoming dependent on the insolvency proceedings of the Austrian parent company. (SDA)

Source :Blick