Thursday, January 27, 2005
BIKE EUROPE:UNNA, Germany (25 Jan) - Deutsche Post (=German Mail) has bought the complete logistics division of ailing German Karstadt retail chain. The chain suffered a 16% sales decline in 2004, while the mail order side of the business fell 6.8%.
DP is said to have paid € 210 million for mail order company Quelle plus 700,000 m2 of warehouses in Karstadt's headquarters in Unna and 17 other locations in Germany. The sale will cover about 20% of Karstadt's debts.
The European antitrust authority still has to approve the deal. Deutsche Post will continue the Quelle business and all Karstadt distribution so that the only difference for the customer will be the Post's yellow delivery van instead of the blue Karstadt one. Quelle's annual turnover (including bicycles) is estimated at € 4 billion.(OB)
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