FRANKFURT Oct 19 The administrator of
insolvent retailer Arcandor AG (AROG.DE) has decided to
liquidate the group's German mail-order business, Quelle
Deutschland, due to a lack of investors, Klaus Hubert Goerg
said in a statement on Monday.
One of the key reasons was that it had been impossible to
reach an agreement for the factoring -- banks pay the company
upfront for accounts receivable from customers -- of Quelle
Deutschland from Jan. 1, the insolvency administrator said.
After intensive talks with several investors, Goerg and the
committee of creditors came to the conclusion there was no
alternative to a liquidation, he added.
A spokesman for the administrator said it was not clear at
this stage how many jobs would be affected by the move. The
insolvency administrator planned to inform employees on
Quelle's parent company, Arcandor, filed for insolvency in
June after its request for state aid was rejected. The
insolvency administrator tried to find an investor for the
whole of Arcandor's Primondo mail-order division.
But in the end, none of the potential investors had made an
offer for the whole unit or for Quelle Deutschland, the
There were talks to find an investor for Quelle's business
outside of Germany, the spokesman said, adding Primondo's
specialty mail order operations, which are excluded from the
insolvency filing, would continue to operate independently.
A creditors' meeting is scheduled for Nov. 11 in Essen.
(Reporting by Eva Kuehnen; editing by Andre Grenon)