By  on October 20, 2009

BERLIN — The German catalogue company Quelle is being liquidated. The 82-year-old firm is part of the insolvent Arcandor Group’s Primondo mail order division.

In late June, the German government granted Quelle a loan guarantee of 50 million euros, or about $70 million, to keep the cash-strapped operation afloat and help provide a basis for its restructuring. However, failure to reach a factoring agreement for the floundering mail order operation derailed negotiations with potential investors, the group’s insolvency administrator Klaus Hubert Görg said. It also negatively impacted sales, as the ongoing debate over factoring made the catalogue’s customers insecure, he noted.

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