From Investing.com:

Austrian property group Signa’s foray into retail was a mistake, says executive Alfred Gusenbauer, contributing to insolvency and a 5 billion euro debt. The retail adventure cost over a billion euros, including the bankruptcy of Galeria Karstadt Kaufhof. Signa also faced losses from the bankrupted Signa Sports United, totaling roughly 800 million euros.



Read more: Property group Signa’s retail foray was a mistake, senior executive says By Reuters