UPDATE 3-Insolvent Karstadt attracts suitors as sale looms

Tue Nov 10, 2009 4:20pm GMT
 
Email | Print | | Single Page
[-] Text [+]

* Administrator says to seek investor soon

* Says restructuring "best alternative"

* Six Karstadt stores to close, 11 still under assessment

* Arcandor sells TV channel HSE24 to Axa Private Equity

* Arcandor shares fall 14.2 pct

(Adds detail on HSE23 sale)

ESSEN, Germany, Nov 10 (Reuters) - Karstadt, German retail group Arcandor's (AROG.DE) insolvent department store chain, has already attracted a number of serious offers, its administrator said on Tuesday as the search began for a buyer.

"We are currently in a position to run the company without making losses," said Karstadt administrator Rolf Weidmann. "We are hoping to know within a couple of months where Karstadt will go. This certainly won't be a drawn-out insolvency process."

Arcandor filed for insolvency in June after it failed to secure state aid to survive. Its various units -- not all of them insolvent -- are now being sold, restructured or closed down.   Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos