In the ongoing dispute over the future of the Globus department stores, the first decision has been made. However, the fate of the real estate assets remains unclear.

Following the insolvency of the Signa Group, Thailand’s Central Group has acquired René Benko’s shares in Magazine zum Globus, becoming the sole owner. The conglomerate announced this development on Monday.

The transaction affects all nine Globus stores in Switzerland, including the seven operational locations in Geneva, Lausanne, Bern, Lucerne, Zurich, Glatt, and St. Gallen, as well as the two under construction at Bellevue in Zurich and Marktplatz in Basel. According to the announcement, the ownership structure of Globus Switzerland’s real estate company, Signal Retail Selection, remains unchanged.

Further Support Promised

«This is another step in our efforts to consolidate our European portfolio and create more value for our stakeholders,» said André Maeder, CEO of Central Group Europe. He emphasized that Globus department stores remain a key part of the group’s European strategy. «We will continue to support the company in its future growth.»

«We are pleased that Central Group will become the sole owner of our operational business. Central Group has always been a loyal investor, with a deep understanding of our business and an appreciation for our unique market position,» Franco Savastano, CEO of Globus, said.

Globus Zurich Bellevue: Reopening in 2025

Central Group made its first investment in Globus in 2020. By the end of next year, the Globus store at Zurich’s Bellevue is set to reopen, and the new Globus building at Marktplatz in Basel is expected to be completed.

Battle For Real Estate

While the future of the retail business is now settled, the struggle over the Globus real estate remains ongoing. This aspect is expected to be more complex, as several Swiss banks are involved through loans. Some of these banks could face significant losses if they are forced to write down their assets, as reported by finews.ch.

Meanwhile, Central Group is interested in driving down the price, which would ultimately benefit its retail operations.

Zurich’s district court has granted Signal Retail Selection a six-month debt restructuring moratorium, which expires on December 5, 2024.