FRANKFURT, Dec 1 (Reuters) - Karstadt, the department store chain of insolvent German retail group Arcandor, has come to an agreement with its landlords, a crucial step towards setting up a restructuring plan and finding an investor.
Karstadt administrator Rolf Weidmann said in a statement on Tuesday that 120 Karstadt stores would stay open after reaching an agreement with the real estate owners. Karstadt rents all of its stores in Germany.
About two-thirds of the store space is owned by the Highstreet consortium, which is led by Goldman Sachs, Deutsche Bank and Pirelli Real Estate.
'Based on the decision we announced today, we will now work out an insolvency plan and we will actively take up the investor process,' Weidmann said, adding that Karstadt could be sold to an investor by early next year.
Arcandor filed for insolvency in June after it failed to secure state aid. Its various units -- not all of them insolvent -- are now being sold, restructured or closed down.
(Reporting by Eva Kuehnen; editing by Karen Foster) Keywords: KARSTADT/ (eva.kuehnen@thomsonreuters.com; +49 69 7565 1244; Reuters Messaging: eva.kuehnen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Karstadt administrator Rolf Weidmann said in a statement on Tuesday that 120 Karstadt stores would stay open after reaching an agreement with the real estate owners. Karstadt rents all of its stores in Germany.
About two-thirds of the store space is owned by the Highstreet consortium, which is led by Goldman Sachs, Deutsche Bank and Pirelli Real Estate.
'Based on the decision we announced today, we will now work out an insolvency plan and we will actively take up the investor process,' Weidmann said, adding that Karstadt could be sold to an investor by early next year.
Arcandor filed for insolvency in June after it failed to secure state aid. Its various units -- not all of them insolvent -- are now being sold, restructured or closed down.
(Reporting by Eva Kuehnen; editing by Karen Foster) Keywords: KARSTADT/ (eva.kuehnen@thomsonreuters.com; +49 69 7565 1244; Reuters Messaging: eva.kuehnen.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
