Arcandor files for more protection

Source: Agencies | June 18, 2009, Thursday |

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GERMAN retailer Arcandor AG yesterday placed 15 additional subsidiaries under bankruptcy protection along with its Karstadt department stores and the Quelle GmbH mail-order company.

Arcandor said in documents filed with a district court in Essen, where it is based, that the 15 companies include Corporate Service Group GmbH, Primondo Operations GmbH and Foto Quelle GmbH.

They employ some 6,700 workers, bringing the total number of jobs affected by the Arcandor filing to nearly 50,000. Arcandor filed for bankruptcy protection on June 9 after the government rejected its bid for state-backed emergency credit.

Travel operator Thomas Cook Plc, in which Arcandor holds a majority stake, and its home-shopping channel HSE 24, are not involved in the bankruptcy protection filing.

(Agencies)

Consumer

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Arcandor files for more protection

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