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.
Germany's biggest department store chain Karstadt will close at least six stores, putting around 2,000 jobs at risk, in a drastic bid by its new boss to return it to profit.
What was once Europe's biggest department store could become Berlin's newest branch of Primark, after Dutch investors bought the building. Architects are thought to be drawing up plans already.
Ikea boss Eva-Lotta Sjöstedt will be the new head of struggling German department store chain Karstadt. She reportedly has a shake-up of all 83 branches up her sleeve, in a last ditch attempt to save the business.
Thousands of employees at one of Germany's largest retail chains went on strike on Friday. Shoppers should expect disruptions and even closures, the workers' union behind the action said.
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.
Deutsche Post subsidiary DHL said on Monday it will no longer deliver and assemble goods from Ikea and department store Karstadt. Customers who need help putting together their Billy bookshelves are now on their own.
The future of Germany's Karstadt, Europe's third-largest department store chain, appeared to be secured Friday as a court approved its acquisition by a billionaire investor, safeguarding 25,000 jobs.
The prospects for 25,000 employees at the beleaguered department store chain Karstadt are looking brighter after it emerged Thursday night that negotiators were close to striking a deal on reduced rent on the chain’s properties.
The beleagured high-street department store Karstadt has shown itself to be a more stable business than previously thought, with insolvency commissioners expecting a profit this year.
A US-German investor and the US fashion group BCBG Max Azria are to acquire Karstadt, the famed but financially troubled German department store chain, Karstadt's judicial administrator said Monday.
A fourth bidder has joined the race for Germany's insolvent high-street department store chain Karstadt. A Russian consortium led by top businessman Artur Pachomov has shown interest.
American investment bank Goldman Sachs is set to make a bid for the insolvent Karstadt department store group, with a view to keeping the chain operating.
An investor negotiating to takeover the bankrupt Karstadt department store chain is talking of making 4,000 staff cuts and reducing rental payments at store sites, media reports said on Sunday.
The German department store Karstadt will cut up to 450 administrative posts at its headquarters in western Essen, a company spokesman said on Tuesday.
