Owner of German Luxury Department Stores Declares Bankruptcy

The German KaDeWe Group, which owns the luxury department stores Kaufhaus des Westens in Berlin, Oberpollinger in Munich, and Alterhaus in Hamburg, has announced its bankruptcy, according to TASS, citing the NTV television channel.

The company stated that the reason for the bankruptcy is the excessively high rental fees that KaDeWe can no longer afford to pay. Nevertheless, the company emphasized that the department stores will continue to operate.