16.10.2008

Essen, October 16, 2008. The management, employee representatives and the ver.di union yesterday signed an agreement on the "Pact for the Future" at Arcandor.

The agreement provides for savings in staff costs of €115 million per year over the next three years.

The agreement has been signed by the Arcandor Management Board , ver.di and the works councils involved but is still subject to the approval of the ver.di collective bargaining committees.

The parties have agreed that there will be no job cuts as part of the "Pact for the Future". After the end of the program, employees will also be able to participate in the company's successes.

The details of the "Pact for the Future" for the individual companies involved will be negotiated until the beginning of November.

Press contakt:
Arcandor AG
Group Communications
Gerd Koslowski
Telephon: +49 (0)201 727 25 38
gerd.koslowski@arcandor.com