Tuesday June 9, 12:34 PM
German retail giant Arcandor files for bankruptcy
BERLIN (AFP) - Retail and tourism giant Arcandor (Xetra: 627500 - news) , which employs 50,000 people in Germany, has filed for bankruptcy after Berlin dismissed its request for emergency state aid, the group said on Tuesday.
"Arcandor AG today filed with the Essen District Court to open insolvency proceedings due to threatening illiquidity," the statement said.
However, travel agency Thomas Cook, in which Arcandor holds a 52 percent stake, "will remain unaffected by the insolvency proceedings," the statement added.
The group said its department store chain Karstadt, as well as mail-order company Quelle, had also filed for bankruptcy.
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