Arcandor in a mess
Arcandor the owner of Karstadt which is one of Germany’s oldest chain of stores asked for bankruptcy protection. Prior to this, the German Government rejected Karstadt’s request for a 440 million euros loan aid, and application for State guarantees, because it was considered that Arcandor’s insolvency is not because of the current economic crisis, but the result of the company’s previous management’s failures.
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