🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Woolworth Germany has filed for insolvency -sources

Published 04/14/2009, 05:39 AM
Updated 04/14/2009, 05:56 AM

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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.