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There has so far been some hope for Globus Group, which is mired in the deep mire of the Signa bankruptcy: Observers have speculated that Thai Central Group might increase its stake and buy out its ailing partner Signa. The future, entirely in the hands of the Thai department store specialist, seemed more or less secure. Especially since they always emphasize that they want to take good care of their large stores in Europe.
However, in the case of Globus, this support has not materialized so far; Thais has never commented on its plans for department stores in Switzerland. Now Globus Group faces a new problem. Because large department stores in Switzerland may be dragged into Sigma’s bankruptcy.
money for creditors
At least that’s what is seen when looking at the list of luxury properties belonging to the former empire of René Benko (46), which Austrian rulers sent to the Vienna Commercial Court. This is actually available in a copy of the confidential report NZZ. Under the heading “Real Estate in Switzerland” it says: “In coordination with the joint venture partner, marketing of the first properties should be initiated with the participation of an international consulting company.” It remains unclear why the joint venture partner, in this case Central Group, has not signaled any interest in the other half of the luxury stores at the prime address. Because in this case, there would be no need to look for an outside buyer.
The purpose of the sale is to stabilize the individual “project companies”. This means that Globus houses are also being sold to raise money for other creditors of fallen real estate tycoon Benko. An important point to ensure the renewal of the entire Signa structure. If one of the other companies goes bankrupt, the entire house of cards is in danger of eventually collapsing with a crash.
uncertain fate
Globus Group has department stores in Bern, Basel and the flagship on Zurich Bahnhofstrasse. Globus is also rented in other locations. Problem: If Central Group refuses to sell its shares, a new buyer may only get half the property. A difficult starting point that is likely to put pressure on the price.
The question arises of what a potential new co-owner might want to do with the homes where Globus will likely remain a tenant for years to come. In both cases: instead of a secure future under the umbrella of Central Group, Globus faces the threat of another change of ownership in a few years, which could bring unrest to the group. Migros sold Globus to the joint venture between Signa and Central Group only in 2020. (Ah)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
