Germany: Arcandor Goes Bust
June 9th, 2009Via: AFP:
Retail and tourism giant Arcandor said on Tuesday it had filed for bankruptcy, putting around 43,000 jobs at risk in Germany after Berlin dismissed its request for emergency state aid.
“Arcandor AG today filed with the Essen District Court to open insolvency proceedings due to threatening illiquidity,” the statement said.
Travel agency Thomas Cook, in which Arcandor holds a 52-percent stake, “will remain unaffected by the insolvency proceedings,” the statement added.
The group, which employs 70,000 people in Europe, two-thirds of whom work in Germany, said its department store chain Karstadt, as well as mail-order company Quelle, would also be affected by the insolvency.
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