Arndt Geiwitz

"At Galeria, a man henceforth takes charge, who bears the nickname "emergency doctor of the German economy." Arndt Geiwitz, a tall man with distinctive glasses, has previously stepped in to navigate notable companies through bankruptcy. He tried to save Schlecker, and stepped in as trustee for the fashion czar Willy Bogner. Geiwitz is drawn to prestigious cases. At Galeria, he is Benko's man. The protective shield procedure allows the company to separate itself from all liabilities, including excessive rents. Geiwitz renegotiates the contracts of the properties; in the first insolvency procedure, in which around 40 properties were closed, rents were reduced by a mid-double-digit million amount. He does not touch the businesses that belong to Signa. Geiwitz acts tactically skillfully. There was no transparency about the status of the rent negotiations with the owners, one of those involved said. For a long time, it was said to be "not yet negotiated", everything "open". Only at the end did the rents come to the table. As compensation for the high rent payments to Signa, Benko then offered a subsidy of 200 million euros, 100 million from Signa Prime, 100 million from the holding. At that time, it was said: Deal or dead; if there is no approval, Galeria would go under. The employees finally wanted peace, and the creditors' committee was set up in such a way that Signa controlled it, so they could have pushed it through."

"Benko generated 140 million euros, only then was a protective shield procedure possible, in which, unlike a complete bankruptcy, the owner still has control. The protective shield procedure offers Benko - besides the risk of a poor image - also opportunities. Lease contracts can be terminated more quickly, employees can be laid off more easily, and the already planned restructuring can be done more radically and in fast-forward. Signa's man for the protective shield procedure is a familiar face to Benko: Arndt Geiwitz, the tax consultant and auditor known to the broader public from the Schlecker insolvency. Benko first hired Geiwitz in 2013 during the purchase of Karstadt, where he had him review the finances. He also assisted in the takeover of the Otto subsidiary SportScheck. Now he is supposed to reorganize the department store business at Galeria. In the end, around 40 branches will close. No one among the top executives had experience with a protective shield procedure, says a trade manager. Geiwitz, on the other hand, would have known how to quickly set up a protective shield procedure, how to control the creditors' committee, which people to bring in; he did all that very cleverly."