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Arcandor Files For Bankruptcy  
User currently offlineBMIFlyer From UK - England, joined Feb 2004, 8810 posts, RR: 58
Posted (5 years 3 months 1 week 2 days 22 hours ago) and read 1633 times:

The German government has rejected a request for 650m euros ($930m; £561m) of loan guarantees from Arcandor, owner of Karstadt and 52% of Thomas Cook.

http://news.bbc.co.uk/1/hi/business/8088953.stm

The Bankruptcy is showing as "Breaking News" on BBC

http://news.bbc.co.uk/1/hi/business/8091298.stm

[Edited 2009-06-09 05:14:52]

[Edited 2009-06-09 05:22:20]


Sometimes You Can't Make It On Your Own
6 replies: All unread, jump to last
 
User currently offlineBMIFlyer From UK - England, joined Feb 2004, 8810 posts, RR: 58
Reply 1, posted (5 years 3 months 1 week 2 days 21 hours ago) and read 1523 times:

Thomas cook however is not affected  Smile


http://www.thomascookgroup.com/Anite...=TCGNEWSARTICLE_84170&s=1121651873



Sometimes You Can't Make It On Your Own
User currently offlineMD11Engineer From Germany, joined Oct 2003, 14026 posts, RR: 62
Reply 2, posted (5 years 3 months 1 week 2 days 18 hours ago) and read 1484 times:

Especially since the owners, who have several billions in their backpockets, were not willing to support their own business, expecting the government to do so instead. There is an article in this week's Spiegel magazine about it.

Jan


User currently offlineLTU932 From Germany, joined Jan 2006, 13864 posts, RR: 50
Reply 3, posted (5 years 3 months 1 week 2 days 15 hours ago) and read 1453 times:



Quoting MD11Engineer (Reply 2):
Especially since the owners, who have several billions in their backpockets, were not willing to support their own business, expecting the government to do so instead.

Upper management at Arcandor is too busy using that money for their own Golden Parachutes, that's for sure.

I don't care if this is an economic crisis or not, we should NOT bail out every business that is close to bankruptcy. Arcandor (which includes the Karstadt chain) can easily be replaced with other companies.


User currently offlineGkirk From UK - Scotland, joined Jun 2000, 24936 posts, RR: 56
Reply 4, posted (5 years 3 months 1 week 2 days 12 hours ago) and read 1432 times:

Frigging Germans  Yeah sure

Should have let Condor stay as Thomas Cook, but nooo...  Yeah sure



When you hear the noise of the Tartan Army Boys, we'll be coming down the road!
User currently offlineMD11Engineer From Germany, joined Oct 2003, 14026 posts, RR: 62
Reply 5, posted (5 years 3 months 1 week 2 days 3 hours ago) and read 1396 times:

Together with Mrs. Schickedanz, Arcandor owns the department store chain Karstadt / Wertheim as well as the mail order shop Quelle. Both of them have been in difficulties since years.
Additionally they own a few profitable businesses, like the Berlin luxury department store KaDeWe.
Still, among the owners, they have several billion Euros in the backpocket, enough to save the businesses, but They'd rather keep their billions and have the tax payer shoulder the expenses (remember, this year there are several important elections in Germany, including the federal one, so no political party wants to be blamed for unemployed).
Porsche seems to be a similar case. They could easily save themselves e.g. by selling their Volkswagen shares or by having the owner family Porsche / Piech inject some money (they have enough), but no, they demand public assistance.

Jan


User currently onlinePanHAM From Germany, joined May 2005, 9375 posts, RR: 29
Reply 6, posted (5 years 3 months 1 week 22 hours ago) and read 1333 times:



Quoting MD11Engineer (Reply 5):
Still, among the owners, they have several billion Euros in the backpocket, enough to save the businesses, but They'd rather keep their billions and have the tax payer shoulder the expenses (remember, this year there are several

You are wrong about that. The wealth of Mrs. Schickedanz was mainly her share in Arcandor. Once the company declared insolvency (similar to chapter 11), that wealth has gone up in smoke.

She is no loner a billionaire, simple as that. It is reported that she is now worth a small triple digit million amount and the bulk of that is colateral of a loan from her house bank. She may not have to queue up for welfare, but she had definately not enough money to help saving Arcandor.

BTW, she invested about 600 million of her own money outside Arcandor a few years ago to save the company. This money is lost as well now. She had no legal responsibility to do so and could have abandoned Karstadt/Quelle then,

You get a couple of things wrong about Porsche as well, but that's another story.



E's passed on! That parrot is no more! He has ceased to be! E's expired and gone to meet 'is maker!
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