09.10.2008

After successfully ensuring the Group's funding, management, employee representatives and the ver.di union have agreed in principle to an employee contribution towards improving competitiveness and safeguarding the long-term future of Arcandor.

This "pact for the future" provides for savings in staff costs in the Primondo, Karstadt and Arcandor Holding divisions over the next three years. No detailed figures have been disclosed. The pact will not affect Thomas Cook. Furthermore, both sides have agreed on the goal of safeguarding existing jobs as far as possible. There are also plans for employee participation in the Group's success after the end of the program.

The details of the "pact for the future" will be negotiated between the employer, employee representatives and ver.di shortly.

Press Contact:
Arcandor AG
Corporate Communications
Gerd Koslowski
Tel: +49 (0)201 727 25 38
gerd.koslowski@arcandor.com