Arcandor AG

  • WKN: 627500
  • ISIN: DE0006275001
  • Land: Germany

Nachricht vom 20.05.2006 | 10:52

KarstadtQuelle AG: Li & Fung assumes worldwide import

Ad hoc announcement transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

--- Essen/Germany, May 20, 2006. The KarstadtQuelle Group intends to strengthen the operating performance of its retail segments by optimizing its global import organization. The objective is a considerable gain in efficiency, higher flexibility and significant cost reductions. With this target, KarstadtQuelle AG and Li & Fung Ltd., Hong Kong, one of the largest procurement service providers worldwide, signed a letter of intent (LOI). In the future, Li & Fung will assume worldwide import for the KarstadtQuelle Group. In the process, imports are to be bundled with the aim having an order volume of more than €2 billion managed by Li & Fung. From this realignment, KarstadtQuelle expects a reduction of purchase prices of up to 10% and a reduction of working capital within the group by approximately €500 million, driven by a considerable extension of terms of payment. Furthermore, process costs within the organization should be reduced and the efficiency of the procurement processes considerably increased. The LOI also provides the divestment of KarstadtQuelle International Services AG, St. Gallen, with a total of some 1,100 employees, to Li & Fung. Parallel to this the KarstadtQuelle Group, Europe’s largest textile retailer will establish design centers in Europe and Asia within the next few months. The objective is to achieve a more active procurement process and considerably increase the number of collections. Essen/Germany, May 20, 2006 The Management Board (c)DGAP 20.05.2006
Language: English Issuer: KARSTADT QUELLE AG Theodor-Althoff-Straße 2 45133 Essen Deutschland Phone: +49 (0)201 727-9816 Fax: +49 (0)201 727-9854 email: WWW: ISIN: DE0006275001 WKN: 627500 indices: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Frankfurt (Prime Standard), Hannover, Düsseldorf, Hamburg, München, Stuttgart End of News DGAP News-Service

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