03.09.2010

• Purchase agreement with Berggruen Holding closed
• Company to be handed over to new owner on 30 September 2010
• Competitive expansion of market leadership

Essen, 3 September 2010

Now that Berggruen Holding has signed a lease with Highstreet and reported the closing of the purchase agreement to the insolvency administrator, Essen Local Court has approved the insolvency plan for KARSTADT Warenhaus GmbH.


"Mr. Berggruen and his team were persistent, consistent, and dependable negotiators. These virtues should also prove valuable for KARSTADT's future," commented Dr. Klaus Hubert Görg, insolvency administrator of the companies of the Arcandor Group, with regard to the approval of the insolvency plan.


Görg thanked all employees, customers and suppliers for their support over the past weeks and months. "They have all demonstrated how important KARSTADT is to them. They have been a model of loyalty to the company and made a dedicated effort to ensure KARSTADT's continued existence - despite all hindrances."


Now, pursuant to the German insolvency regulations, the administrator must "resolve the uncontested claims against the assets and provide security for the contested claims" until the closing of the proceedings. The insolvency administration will make all preparations for a "turnkey" handover of KARSTADT to Berggruen Holding by 30 September 2010.


"Within the bounds of the German insolvency regulations, my team has done everything in its power to lay a solid foundation for KARSTADT to secure and expand on its strengths as a market leader competitively," Görg stated in conclusion.


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