The loss-making German department store chain Hertie which employs 4,100 people has filed for bankruptcy.
A spokeswoman for the court in Essen has confirmed the application. Hertie's British parent company Dawnay Day has itself had serious liquidity problems due to the global financial market crisis and had been trying to raise cash to avert insolvency. Dawnay Day acquired Hertie's 73 stores for about half a billion euros in 2005.
(Deutsche Head of Turkish Institute Resigns After Holocaust Remark ...
Afghans seize 'largest drug haul' ...
Britons feared on missing plane ... Welle)
more info >>
<< Back