BERLIN — Arcandor Group, the insolvent German department store, catalogue and travel group, filed applications for bankruptcy proceedings for a further 15 subsidiaries Wednesday.
Eight days after filing for bankruptcy for Arcandor AG, its department store division Karstadt Warenhaus GmbH, the catalogue division Primondo GmbH, as well as Quelle GmbH, Arcandor submitted insolvency applications for a variety of the group’s service providers. They include Corporate Service Group GmbH (coordination of global purchasing), Primondo Operations GmbH and its nine logistics and call centers, Primond Management Service GmbH, Foto Quelle GmbH, Profectis GmbH (technical customer service) and the Belgium-based Europapier.
The companies employ about 6,700 people, bringing the number of workers affected by the Arcandor bankruptcy up to about 50,000.
Late Tuesday, Arcandor postponed publication of its second-quarter results for the period ending March 31, which were due out Thursday. This is the third postponement, and a new date has not been given.
In further turbulence, Arcandor’s largest shareholder, the private bank Sal. Oppenheim, said it has sold its direct 3.7 percent stake in the group. Through its industry holdings company, the bank continues to hold a 24.9 percent stake in the group, but is no longer the largest shareholder. Quelle heiress Madeleine Schickedanz holds 26 percent.
While Sal. Oppenheim wouldn’t comment, media reports suggest the bank is reconsidering its involvement in Arcandor and will decide whether to invest further or sell its interests over the next six to eight weeks.