HAMBURG ( Dow Jones) – The business of the department store chain Karstadt has , according to the chief of the Essen trade company, Fox , Thomas , during the bankruptcy " developed surprisingly good ". ( Reuters photo 🙂
The result had " improved dramatically, much more than expected , "said Fox of the magazine "Capital ". Over the past two years , EBITDA was continuously increased by 200 million EUR. "We will now again operating profit before tax , "said Fox.
Therefore, Karstadt had no liquidity problem. In order to complete the insolvency proceedings , it had Karstadt guarantee of being able to pay for all goods ordered . That was 65 million EUR were used by Karstadt -investor Nicolas Berggruen as collateral. "This money is already in our account , "said Fox.
Now it was all about , Karstadt to prepare for the future. " As of January 2011 just after the Christmas season , we take out the first 20 stores to modernize , "announced Fox. So it will be new in the textile industry exclusive brands and the centralized collection " flexibly adapted to local needs. "
Fox made it equally clear that there would be no sale at Karstadt or a spin-off of assets. It is trying, in the core areas of more entrepreneurship and less administration: "This is why we are manageable units .
DJG / nas / brb / sh