René Benko’s Signa filed for insolvency, marking 1 of the astir melodramatic falls successful the spot assemblage successful caller years
Updated Nov. 29, 2023 1:14 p.m. ET
The property slump sweeping the globe has claimed a caller high-profile victim: René Benko, an Austrian-born retail and department-store magnate who besides co-owns New York’s Chrysler Building.
Benko’s main holding company, Signa Holding, said Wednesday it is filing for insolvency successful Austria. The move, akin to U.S. bankruptcy procedure, puts billions of dollars of institution indebtedness astatine hazard and casts uncertainty implicit a spot empire that includes stakes successful the largest section store chains successful Europe, upscale British retailer Selfridges and a now-stalled Hamburg operation that would person been among the tallest successful Germany.
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