Arcandor files for insolvency

Thursday, 11 June 2009

Retail conglomerate Arcandor filed for insolvency on 9th June, a day after the German government refused to grant it emergency aid. The bankruptcy protection covers Arcandor's Karstadt department stores and its Quelle catalogue business, which falls under its Primondo division, but excludes Thomas Cook, the HSE24 TV-shopping channel, and Primondo's speciality catalogues such as Afibel, Elégance, and Peter Hahn. The companies will continue to operate as usual while Arcandor explores its options. Home shopping group Otto expressed an interest in some of Primondo’s speciality titles, whilst German retailer Metro is reported to be interested in some of Karstadt’s department stores.

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