German retail giant Arcandor has filed for bankruptcy: statement Retail and tourism giant Arcandor, which employs 50,000 people in Germany, has filed for bankruptcy after Berlin dismissed its request for emergency state aid, the group said . "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.
GERMAN retail giant Arcandor’s application for bankruptcy last week has left Indian exporters, who supply to it, worried about their dues. Exporters claim that they have not been paid for the textile and made-ups supplied to the company’s arms — Karstadt and Quelle — since January this year, and now that the company has filed for bankruptcy, they do not know whom to approach. Exporters have requested the commerce department to take up the issue with the German government. “We had been supplying textiles and made-ups to Arcandor for the past 15 years and never had any payment problems. It is only in the last six months that they stopped making payments. We never suspected that they would go bankrupt, as they have been around for so long,” Noida-based exporter Mukesh Mittal told ET. Mr Mittal claims that he has not been paid for goods worth Rs 70 lakh. According to the Delhi Exporters Association, about 70-80 Indian exporters have payment dues totalling at least Rs 150 crore, which has not been made by the company. http://news.id.msn.com/business/article.aspx?cp-documentid=3370381 --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
