By  on July 17, 2009

BERLIN — Shares of Arcandor AG recovered late Friday after the resignation of a key member of Arcandor’s insolvency restructuring team sent the German department store, catalogue and travel group’s stock tumbling earlier.

Horst Piepenburg, one of Germany’s leading insolvency experts, stepped down as the authorized representative of the Arcandor management board on Thursday, citing insufficient support from the group’s largest shareholder, private bank Sal. Oppenheim Jr. & Cie.

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