The news concerns Galeria, which Tagesschau describes as the last major department store chain still operating in Germany.
According to information reported by Tagesschau, the company operates 83 department stores and employs around 12,000 people.
The new insolvency filing therefore places the company in proceedings it has already undergone three times in the past six years, according to Tagesschau.
Tagesschau reports that it is unclear what the future holds for the approximately 12,000 employees working at the chain’s stores.
It also remains uncertain, according to the same source, what will happen to the 83 department stores operated by Galeria.
In the situation reported by Tagesschau, the company is therefore facing a new insolvency filing while the future of its department store network and staff remains undefined.