German catalogue firm shuts after 82 years: Up to 10,500 jobs set to go as Quelle collapses

Von: By Inga Frenser

Traditional German catalogue-based department store Quelle will close its doors after 82 years with the potential loss of 10,500 jobs.

Bankruptcy attorney Klaus Huber Görg is set to reveal today exactly when the company will be dissolved. It should also become clear how many of the company’s 10,500 employees will lose their jobs.

“This is an enormous catastrophe for the people affected and their families,” said Ernst Sindel, deputy chairman of Quelle’s supervisory board.

It didn't seem possible until the very end, he added: “There is no future. Although I never give up, I have lost my hope.”

Attempt to sell Quelle to also-bankrupt holding company Arcandor have failed leaving little choice but to shut down the firm, although when that will take place remains unclear. “We’re still doing the numbers,” a spokesman said.

According to SPD politician Thomas Beyer, the sudden decision was brought about a drop in turnover of up to 50 per cent.

Quelle was also hit by the late release of the winter collection, and it was unable to recover.

And its collapse means a €50 million credit arranged by Bavarian Minister-President Horst Seehofer (60) will be lost...

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