Embattled German retail group Arcandor AG filed for insolvency with a court in Essen on Tuesday after weeks of pleading for state aid came to nothing. The collapse of the company, which owns the Karstadt department store chain and the Primondo mail-order group, will affect around 43,000 employees. The Thomas Cook travel group, in which Arcandor holds a 53% stake, will remain outside the insolvency proceedings.
Swiss real estate group Investis has boosted its real estate holdings with the CHF 139 mln (€149 mln) purchase of prime residential properties in Vaud canton.
