Signa Real Estate Management confirmed its bankruptcy filing in a letter to employees on Friday evening, German magazine Wirtschaftswoche reported on Saturday, citing a copy of the letter.
In the document, Signa REM Germany informed its employees about the company opening insolvency proceedings. Der Spiegel first reported the court filing at the Berlin Charlottenburg district court on Friday.
Signa declined to comment when contacted by Reuters.
A provisional insolvency administrator will “probably be appointed by the local court at very short notice,” the letter stated.
Reporting by Emma-Victoria Farr Editing by Mark Potter
