FRANKFURT, April 14 (Reuters) - German department store chain DWW Woolworth GmbH & Co has filed for insolvency, sources familiar with the matter told Reuters on Tuesday.
The company had filed for insolvency at a Frankfurt court and several managers had already been informed, the sources said.
Woolworth declined to comment. The court also declined to comment, but said it would issue a statement soon.
U.S. retailer F.W. Woolworth founded its German subsidiary in 1926 which opened its first store in the northern German city of Bremen in 1927 and now has 330 stores in Germany and Austria.
The subsidiary separated from its parent in 1998 through a management buyout and since 2007 has been owned by Argyll Partners. Argyll had no comment.
The news comes just months after Britain's Woolworths, the 100-year-old sweets-to-DVD retailer, went into administration in November. (Reporting by Alexander Huebner and Nikola Rotscheroth, Editing by Michael Shields)