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Görtz branch in Cologne: compulsory auction for 8.7 million euros!
After bankruptcy, the shoe retailer Görtz will auction a Cologne branch for 8.7 million euros on December 3, 2025.
Görtz branch in Cologne: compulsory auction for 8.7 million euros!
In Cologne, an important real estate property is about to be auctioned off: the former shop of the shoe retailer Görtz on Hohe Straße 101. This branch, which was known as “Görtz 17” until September 2022, will be auctioned on December 3, 2025 in a branch of the Cologne district court on Reichenspergerplatz. The market value for the property is 8.7 million euros, like Cologne City Gazette reported.
The reason for this compulsory auction is the renewed insolvency of the Hamburg company Görtz, which has been in the second insolvency proceedings since January 2023. The company had to close a large number of its branches in 2022 after the economic situation was severely affected by enormous purchasing reluctance caused by the Ukraine war, high inflation and rising energy prices. Express adds that, in addition to the former store, this affected building also includes an office and an apartment and has a total area of approximately 830 square meters.
The fate of the branches
The Görtz branch on Hohe Straße was closed in September 2022 as a result of the economic turbulence, which reflects the dreary situation of Cologne's shopping landscape. A self-administered protective shield procedure was resorted to, but this was not enough to save the company from bankruptcy. All of Görtz's other stores have also now closed their doors.
The significance of this auction goes beyond the pure property value. It reflects the challenges many retailers face today. The combination of economic uncertainty and changing consumer habits has taken a toll on retail. The once thriving shoe business is now in a critical situation.
A new owner?
The foreclosure auction is now attracting the attention of potential investors and interested parties. There could be an interesting opportunity for the new owner to revitalize the centrally located property and perhaps transform it into a new business concept. The Cologne district court will have to decide on December 3rd whether a buyer will be found for the property.
The end of the Görtz branch is also a symbol of the pressure for change in retail, in which only retailers with a particularly good knack for new approaches and innovative concepts can survive. The coming weeks will show whether this property can turn things around or whether it will become a symbol of the failed business.