14.03.2008, Eleven Boulevard stores achieve their goals

Essen, March 14, 2008. By providing support for special teams which developed specific measures for the 27 Karstadt portfolio branches in the Boulevard format, these Karstadt stores succeeded in improving their business performance as of March 31, 2008. Before the expiry of the deadline, eleven portfolio branches had met the requirements thanks to the dramatic improvement in their performance, and can now be incorporated into the organizational structure of the Boulevard format. This means that these eleven stores are now part of the new business model of Karstadt Warenhaus GmbH, and will also benefit from the measures which have been announced such as the brand shop offensive.

The remaining 16 Karstadt stores also improved their business performance but have not yet met the requirements. The Karstadt Management Board has therefore decided to maintain separate management of the Boulevard branches until September 30, 2008. This time is required to fully implement the measures which have already been established. In addition, the Karstadt Management Board must take location-specific solutions and retail-specific developments in the various locations into consideration in reaching their decision by September 30, 2008.

Press contact:

Karstadt Warenhaus GmbH
Corporate communication
Michael Scheibe
Tel.: 0201 / 727-2124
E-mail: michael.scheibe@karstadt.de