Arcandor AG

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

Nachricht vom 03.08.2005 | 10:01

KarstadtQuelle sells 75 department stores to British investors


Ad hoc announcement §15 WpHG

Progress in divestments

KarstadtQuelle sells 75 department stores to British investors

Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.

--- KarstadtQuelle sells 75 department stores to British investors Essen, 3 August 2005. KarstadtQuelle AG, Europe's leading department store and mail order group has made a decisive breakthrough in implementing its restructuring program, by successfully concluding key divestments faster than expected. The Group has agreed to sell 75 smaller department stores to British investors. In future, in the context of focusing on its core operations, KarstadtQuelle intends to concentrate on its 89 large department stores. The 75 smaller Karstadt department stores employing 4,900 people have retail areas of less than 8,000 square meters and are mostly located in medium-sized German cities. The smaller Karstadt stores were bought by Dawnay, Day, a London-based financial sponsor and retail company Hilco UK Ltd. (London). With assets of EUR2.9 billion Dawnay, Day is one of the largest financial investors, focussing on property. Hilco UK Ltd., a subsidiary of the US-group Hilco, specialises in restructuring and repositioning retail companies. KarstadtQuelle Group has also sold its Hagen-based speciality store chain SinnLeffers AG. The buyers of the company and its real estate are Deutsche Industrie-Holding (DIH/Frankfurt am Main), HMD Partners (USA) as well as property investor Curzon Global Partners/IXIS AEW Europe (London). The speciality store chain Runners Point (Essen) is a further divestment. The new owner is the venture capital company HANNOVER Finanz Group (Hanover). Since the beginning of the restructuring process, the number of KarstadtQuelle Group employees has been reduced by approximately 25,000. More than two thirds were transferred to new jobs. Essen, 3.8.2005 The Management Board KARSTADT QUELLE AG Theodor-Althoff-Straße 2 45133 Essen Deutschland ISIN: DE0006275001 (MDAX) WKN: 627500 Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München und Stuttgart End of ad hoc announcement (c)DGAP 03.08.2005 031001 Aug 05

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