All Germany articles – Page 21
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News
Former Arcandor chief executive denies part in the group's downfall
Former Arcandor chief executive Thomas Middelhoff has denied he played a part in the downfall of the retail and tourism group.Arcandor was forced into insolvency earlier this month after the state refused to grant it aid on the grounds that its problems pre-dated the recession.“I am convinced that we have ...
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Schwarz Group fastest riser according to Planet Retail
Discount grocers are continuing their march on the competition, with Lidl owner Schwarz Group being the fastest riser in Planet Retail’s Top 20 Grocery Retailers 2008.Schwarz jumped from ninth to fifth place last year as the global downturn continues to accelerate growth for discount chains.The research also revealed that the ...
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Desigual to open Berlin flagship
Spanish fashion retailer Desigual is to open a flagship store on one of Berlin’s main shopping streets, Tauentzienstrasse, in early July.The store will be its first in Germany and, depending on its success, more may follow. Desigual product is sold in 180 shops in Germany at present.Last year the retailer’s ...
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NewsArcandor teeters as talks to salvage business continue
The future of beleaguered German conglomerate Arcandor hangs in the balance after it began insolvency proceedings last week.
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NewsArcandor investor cuts stake in stricken German retail group
Arcandor shareholder German bank Sal Oppenheim has cut its stake in the German retail and tourism group and said it would decide whether to remain its second-largest shareholder only when the insolvent retailer revealed a restructuring plan.
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Media Markt plans more stores in Turkey
Media Markt, the consumer electronics group owned by German retailer Metro Group, plans to open a further seven stores in Turkey by the end of this year.The move is part of Media Markt’s strategy to become the leader in the Turkish market by 2010. The retailer has opened nine stores ...
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Rewe increases sales
Grocery group Rewe increased group-wide retail sales by 10.5 per cent to €49.8bn (£42.9bn) in 2008, it revealed this week, with EBITDA up 8.5 per cent to €1.34bn (£1.15bn).It recorded growth both in its German home market and abroad, but contributions from overseas operations were particularly strong. Sales increases were ...
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NewsArcandor files for bankruptcy protection
German retail group Arcandor has filed for bankruptcy protection after yesterday’s decision by the German government not to provide rescue funds. An administrator is expected to be appointed today.
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Praktiker chief exec expects German economy to pick up soon
Wolfgang Werner, chief executive of DIY chain Praktiker, has called the bottom of the market in Germany and said he expects the economy there to be picking up soon. Werner said sales had “distinctly stabilised” over April and May, meaning it has “largely” compensated for the sales decline in the ...
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Future of Arcandor remains unclear
The future of Karstadt owner Arcandor remains unclear after rival group Metro proposed that it acquire and merge Karstadt’s stores with its own Kaufhof fascia.But Arcandor chief executive Karl-Gerhard Eick remains confident of a state-backed solution after lobbying for a €650m (£564m) loan. Arcandor argues that Metro’s idea could cost ...
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Arcandor says Metro merger is no alternative to Government aid
Retail group Arcandor said that talks with Metro over a possible merger of the Karstadt and Kaufhof department store chains is no alternative to government aid. Arcandor spokesman Gerd Koslowski said: “Metro would have to bring the money we need for survival and it really doesn’t look like that at ...
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Metro seeks government intervention for rival's state support request
Metro has called on the German government to reject a request by its rival Arcandor for state support as it seeks to acquire the latter’s department store chain, Karstadt.Metro chief executive Eckhard Cordes wrote to the government outlining a “commercial solution” that would not need state intervention. Cordes has denied ...
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NewsMetro profits halve in first quarter
First quarter operating profits at German grocer Metro have halved due to currency devaluations.
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Interest in Woolworths Germany
Several parties have expressed an interest in Woolworths Germany after the retailer filed for insolvency last month.The department store group, which was backed by British investor Argyll Partners, has received interest from local parties as well as some foreign investors. Administrator Ottmar Hermann is said to be in talks with ...
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Refinancing package for Escada
Luxury fashion group Escada has arranged a E30m (£27m) refinancing package to help secure its survival. The company said it needed to raise the capital to cover liquidity demands and described the initiative as “urgent and unavoidable”.As well as raising funds, Escada plans to cut its debt and replace a ...
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Praktiker continues to suffer
Home improvement group Praktiker’s first-quarter losses widened from €20.8m (£18.7m) to €49.2m (£4.4m), and group sales dropped 8 per cent to €795.6m (£713.4m).The retailer said the performance was “materially attributable to its international business” as currency depreciation hit. However, Praktiker expects “adequate, positive EBITA” for the full year.Domestic sales in ...
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Otto’s entry into Turkey won’t bring quick wins
At the end of this month German home shopping giant Otto Group will take its first steps into Turkey by testing newly acquired private shopping site Limango there.
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Tengelmann to relaunch online store Plus
Grocer Tengelmann plans to relaunch its non-food online store Plus later this year, according to reports. The project will extend the online shop’s product range to around 10,000 items by the end of this year.New product ranges will include electronics, DIY and furniture. The site will also feature innovations such ...
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Arcandor to restructure
Arcandor, operator of department store chain Karstadt and home shopping group Primondo, is to restructure its business at a cost of €900m (£800.4m) over the next five years.Karstadt will form part of a new management board-level division called Atrys. Arcandor aims to save 5 per cent of its €7bn (£6.23bn) ...