Germany's ailing department store group KaDeWe is getting a new boss.
Josef Schultheis will become the new chief restructuring officer and chairman of the executive board with immediate effect, the company announced in Berlin on Tuesday.
The aim is to successfully reorganize the KaDeWe Group, according to the press release. Schultheis previously advised the Weltbild publishing group and department store chain Karstadt on reorganizations.
The previous managing director, Michael Peterseim, is to leave the company.
The KaDeWe Group with the luxury department stores KaDeWe in Berlin, Oberpollinger in Munich and Alsterhaus in Hamburg had filed for bankruptcy via self-administration at the end of January.
Business operations are continuing. Parts of the group belong to the Austrian businessman René Benko's insolvent Signa Group, which is being investigated over suspected money laundering.
