Beetz, co-owner of the insolvent German department-store chain Galeria, told Bild that the latest bankruptcy might have been avoided if the company had pursued its transformation more decisively and quickly.
He called for tighter merchandise management, a clear assortment strategy and a stronger focus on customers. Department stores can still succeed, he said, if they stand apart from competitors and are run effectively.
Leadership decisions, Beetz added, should consider who can win the confidence of creditors, employees, suppliers and potential investors. He said the priority was to select the strongest team for the next phase, rather than focus on individuals.
Galeria has again asked a Düsseldorf court to open insolvency proceedings—its fourth filing in six years, after applications in 2020, 2022 and 2024. Its 83 stores are expected to continue operating for now. Previous proceedings led to many closures and billions of euros in creditor claims being waived.
Since summer 2024, the chain has been owned by U.S. investment firm NRDC and a company linked to Beetz. Galeria dropped the Karstadt and Kaufhof names and moved its headquarters from Essen to Düsseldorf.