Signa's Key Retail Property Division Files for Bankruptcy

Central Group Takes Over Majority Ownership of Selfridges Amid Signa's Financial Troubles

Signa Prime Selection, a key division of Rene Benko's Signa property empire, has filed for bankruptcy and submitted a restructuring plan in a Vienna court.
Signa Prime Selection co-owns properties such as the Selfridges department store in London and Berlin's KaDeWe.
Signa ran into trouble earlier this year amid rising interest rates, falling property prices and a slowdown in consumer consumption.
Central Group, which co-owns Selfridges with Signa, has taken over majority ownership of Selfridges.
Signa's total real estate assets, which include luxury hotels and malls as well as Germany's largest department-store chain, were valued at more than €23 billion at the end of last year.