×
653
Fashion Jobs
COLUMBIA SPORTSWEAR COMPANY
Assistant Merchandising Manager
Permanent · BENGALURU
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Firozabad
Permanent · Firozabad
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Phagwara
Permanent · Phagwara
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Karnal
Permanent · Karnal
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Belagavi
Permanent · Belagavi
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Baddi
Permanent · Baddi
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Moradabad
Permanent · Moradabad
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Idukki
Permanent · Idukki Township
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Garhmukteshwar
Permanent · Garh Mukteshwar
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ranikhet
Permanent · Ranikhet
TRIANGLE WEAVERS
Production Manager
Permanent · Cherthala
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kasauli
Permanent · Kasauli
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Calicut
Permanent · Kozhikode
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Balrampur
Permanent · Balrampur
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Nahan
Permanent · Nahan
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kanchipuram
Permanent · Kanchipuram
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Rishikesh
Permanent · Rishikesh
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Chennai
Permanent · Chennai
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Bareilly
Permanent · Bareilly
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Nainital
Permanent · Nainital
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Kanyakumari
Permanent · Kanyakumari
LAVYA ASSOCIATES
Area Sales Manager-Agency | Life Insurance-Ghaziabad
Permanent · Ghaziabad
By
AFP
Published
Apr 20, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

German retailer Arcandor needs 900 million euros

By
AFP
Published
Apr 20, 2009

BERLIN, April 20, 2009 (AFP) - Troubled German retail group Arcandor said Monday it needs new loans of up to 900 million euros (1.2 billion dollars) from banks and the state in order to survive the recession.


Photo: AFP/DDP/Volker Hartmann

The firm, already teetering on the brink before Germany began to be hit late last year by its worst downturn since World War II, said it needed the money over the next five years to pay for a make-or-break revamp.

As a first step, Arcandor's new chief executive Karl-Gerhard Eick said that as a prelude to their possible sale or restructuring, it was putting into a new unit businesses that are not part of three new core business areas.

These included prestigious department stores such as KaDeWe in Berlin and Hamburg's Alsterhaus that the Bild daily said might interest Harrods owner Mohamed Al-Fayed or France's Galeries Lafayette.

Arcandor will retain 81 of its Karstadt department stores, which together with most of its Internet and mail order unit Primondo and its majority stake in tourism group Thomas Cook will form the company's core.

To turn the company around however Arcandor said it would need up to 900 million euros over the next five years, in addition to a 650-million-euro credit line that has to be refinanced later this year.

Arcandor said that most of the new loans would come from banks but Eick reiterated comments made earlier this month that it was considering tapping a fund set up by the German government to help firms hit by the downturn.

"We are confident that we will be able to secure the long-term financing of the group... with the banks, shareholders, employees and all other stakeholders," Eick said.

Copyright © 2022 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.