The Local Germany

Middelhoff gets three years' jail for fraud

Fri, 14 Nov 2014 12:35:00 +0100

Thomas Middelhoff, former chief executive of German media giant Bertelsmann and distribution giant Arcandor, was jailed for three years by a court Friday for tax evasion and fraud.

Arcandor's Middelhoff gears up for trial

Wed, 13 Apr 2011 16:30:00 +0200

The former chairman of the bankrupt retail giant Arcandor, Thomas Middelhoff, has lashed out at his accusers as he prepares to fend off their claim for €175 million in damages.

Creditors agree to sell retailer Karstadt

Mon, 12 Apr 2010 18:14:00 +0200

Creditors for the insolvent German department store chain Karstadt opened the way for the sales of the company following a meeting on Monday in Essen.

Quelle last-ditch clearance sale founders as website crashes

Sun, 01 Nov 2009 11:50:00 +0100

The biggest clearance sale in German history started with a whimper rather than a bang on Sunday, when the website of bankrupt mail-order giant Quelle collapsed.

Quelle ran out of cash three weeks ago

Sun, 28 Jun 2009 15:42:00 +0200

Bankrupt mail order company Quelle is relying on the goodwill and trust of its suppliers as it has not had any money for three weeks, it emerged over the weekend.

Bavaria offers to prop up Arcandor unit Quelle

Fri, 19 Jun 2009 17:05:00 +0200

Officials in the southern German state of Bavaria said Friday they would contribute €20 million ($28 million) in aid to save Quelle, a mail-order unit of the insolvent retailer Arcandor.

Ex-Arcandor chief Middelhoff probed

Fri, 12 Jun 2009 16:49:00 +0200

Prosectors in Essen said Friday they are investigating former Arcandor CEO Thomas Middelhoff for criminal breach of trust for real estate dealings he had with the now-bankrupt retail giant.

Metro aims to take over bankrupt Arcandor

Wed, 10 Jun 2009 12:28:00 +0200

Germany top retailer Metro wants to snap up distressed rival Arcandor and possibly list a new group on the stock exchange, Metro boss Eckhard Cordes said on Wednesday.

Arcandor goes bust

Tue, 09 Jun 2009 15:54:00 +0200

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.

Germany torpedoes Arcandor's aid request

Mon, 08 Jun 2009 20:02:00 +0200

The German government rejected a plea Monday by troubled retail group Arcandor for emergency loans and guarantees, as the leading shareholder in travel agency Thomas Cook lurched towards insolvency.

Berlin rejects loan guarantees for Arcandor

Mon, 08 Jun 2009 13:52:00 +0200

The German government on Monday rejected emergency guarantees for Arcandor, putting the troubled retail group one step closer to insolvency.

Retailer Arcandor in talks with rival Metro about possible tie-up

Sun, 07 Jun 2009 15:54:00 +0200

Stricken German retail giant Arcandor held talks on Sunday with rival Metro over a possible merger of their department store chains, after hopes of government aid looked dim, an Arcandor spokesman said.

Merkel rules out state aid for retailer Arcandor

Sat, 06 Jun 2009 12:23:00 +0200

German Chancellor Angela Merkel on Saturday said she was against bailing out struggling retail giant Arcandor and accused the company’s management of making serious mistakes.

Arcandor future looks grim

Thu, 04 Jun 2009 10:02:00 +0200

The future of stricken German retailer Arcandor and its 50,000 employees looked bleak this week after the European Commission said it would take a dim view of any state aid.

Arcandor bailout debate intensifies

Sat, 30 May 2009 14:32:00 +0200

After managing the bailout and sale of Opel, German politicians are debating whether troubled retailer Arcandor, which owns the Karstadt department store chain, should get a loan from the government.

State help for Arcandor in doubt

Tue, 19 May 2009 13:26:00 +0200

The German government has denied the request of struggling retail and tourism corporation Arcandor for a financial boost of €650 million, daily Handelsblatt reported on Tuesday.

Union calls on state help for ailing Arcandor

Wed, 22 Apr 2009 10:49:00 +0200

Public workers’ union Verdi has encouraged the German government to provide aid for ailing retail and travel company Arcandor, which runs household names like the Karstadt department stores and Thomas Cook travel agency, the Westdeutsche Allgemeine Zeitung reported on Wednesday.