German retailer KarstadtQuelle has denied that it had plans to dispose of stores. The company made the statement on Friday after the Financial Times Deutschland reported that up to 30% of its 90 department stores could be sold. 'These stores are not for sale or closure,' a KarstadtQuelle spokesman said. 'These are improvement stores that have set goals to reach.'
German retailer KarstadtQuelle has denied that it had plans to dispose of stores. The company made the statement on Friday after the Financial Times Deutschland reported that up to 30% of its 90 department stores could be sold. 'These stores are not for sale or closure,' a KarstadtQuelle spokesman said. 'These are improvement stores that have set goals to reach.'
Citing internal documents it had obtained, Financial Times Deutschland said that as many as 27 department stores owned by the group could be sold if they failed to reach certain objectives. The German newspaper said that outlets in the German cities of Hamburg-Harburg, Bayreuth, Magdeburg and Siegen are among those that could be divested.
More than a year ago, Karstadt sold 74 small stores to UK private investor Dawnay Day.