×
93 012
Fashion Jobs
BOARDRIDERS
Stock Supervisor - Part-Time - Jersey Gardens
Permanent · LAKE FOREST
COLUMBIA SPORTSWEAR COMPANY
Information Security Risk And Compliance Analyst
Permanent · SALEM
COLUMBIA SPORTSWEAR COMPANY
sr Manager Digital Product Management- Product Creation Technology
Permanent · PORTLAND
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Full Time - ny 59th st
Permanent · New York
REISS
Area Manager
Permanent ·
MACY'S
Asset Protection Detective, Francis Scott Key - Standard Part Time
Permanent · Frederick
MACY'S
Asset Protection Detective, Willowbrook - Flex
Permanent · Wayne
MACY'S
Asset Protection Officer, West Virginia - Full Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Detective, Walnut Creek Broadway Plaza - Flex
Permanent · Walnut Creek
MACY'S
Asset Protection Officer, West Virginia - Part Time (2840)
Permanent · Martinsburg
MACY'S
Asset Protection Detective, Del Amo Fashion Center - Full Time
Permanent · Torrance
MACY'S
Asset Protection Detective, Tuttle Crossing - Standard Part Time
Permanent · Dublin
TIFFANY & CO
Full Time Branch Security Officer - Cincinnati
Permanent · Cincinnati
TIFFANY & CO
Market Vice President, Mid-Atlantic & Central Market
Permanent · Chicago
PUMA
Associate Manager, Merchandising- Footwear
Permanent · Somerville
PUMA
Senior Manager, Public Relations
Permanent · Somerville
PUMA
Manager, Public Relations
Permanent · Somerville
ASCENA
District Manager, Lane Bryant - Philadelphia
Permanent · Exton
ASCENA
Sales Supervisor- Short Hills, nj
Permanent · Millburn
NORDSTROM
HR Business Partner, Supply Chain - Newark, ca - Hybrid
Permanent · Newark
NORDSTROM
Retail Stock & Fulfillment - Spokane
Permanent · Spokane
NORDSTROM
Asset Protection - Agent - The Shops at Midtown Miami Rack
Permanent · Miami
By
Reuters
Published
May 28, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Arcandor considered Thomas Cook sale

By
Reuters
Published
May 28, 2009

FRANKFURT (Reuters) - German retail and tourism group Arcandor (AROG.DE) considered selling the roughly 52 percent stake it holds in travel company Thomas Cook (TCG.L) to pay off its debt, a German magazine said on Thursday 28 May.

Arcandor has warned it could go bust within weeks if it did not get more than $1 billion in state aid.

Selling its stake in Thomas Cook, Europe's second-largest travel company after TUI Travel (TT.L), would have "theoretically been the only possible private sector solution," Arcandor Chief Executive Karl-Gerhard Eick told WirtschaftsWoche in an interview to be published on Saturday 30 May.

Several weeks ago, Eick had spoken on the phone to Rewe, Germany's third-largest tour operator, the magazine said, but he was referred to a later point in time.

"Under normal circumstances proceeds of 1.3 billion to 1.4 billion euros would have been possible," Eick said.

With such a step, Arcandor would have been able to bring its debt down to zero and raise capital to fund its restructuring, Eick said.

"But right now, such a price is impossible to get. If I sell now, I wouldn't even be able to pay back the loans," he said.

Arcandor needs to renew credit lines worth up to 710 million euros by June 12 that hinge on government support. A committee is due to discuss the request later on Thursday 28 May. Arcandor said no decision was to be expected from the meeting.

If it was granted state backing, Arcandor could count on support from investors, the magazine said.

Eick told WirtschaftsWoche the company's major shareholders were willing to subscribe to a capital increase of 100 million euros ($138.8 million). Italy's Mediobanca (MDBI.MI) would inject another 40 million euros, Eick was quoted as saying.

Arcandor shares were up 1.45 percent at 2.10 euros by 7:50 a.m. EDT, having risen about 15 percent since the beginning of May.

Rival retailer Metro (MEOG.DE) has proposed combining the two companies' department store chains to fend off government support for its peer, a step it said would distort competition. (Reporting by Eva Kuehnen)

© Thomson Reuters 2022 All rights reserved.