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German Woolworth insolvent

German Woolworth insolvent

14/04/09 19:33 CET

corporate

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The recession has claimed another retailer.

The Woolworth chain in Germany and Austria has filed for bankruptcy protection from its creditors. A Frankfurt court has appointed an administrator. Woolworth, which has been owned by the British private equity firm Argyll Partners since 2007, has over 320 stores in Germany and Austria employing 11,000 people.

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