Arcandor shareholder German bank Sal Oppenheim has cut its stake in the German retail and tourism group and said it would decide whether to remain its second-largest shareholder only when the insolvent retailer revealed a restructuring plan.
Indications that one of Arcandor’s largest shareholders is reassessing its investment could destabilise Arcandor’s pledge to emerge from insolvency intact.
Reports today suggest Sal Oppenheim’s lack of confidence in Arcandor’s ability to produce restructuring plans could push the insolvency court in to breaking up the group.
Sal Oppenheim sold a 3.7 per cent stake at undisclosed prices. A 24.9 per cent stake, held directly by the bank’s partners, remains untouched.
Sal Oppenheim added that other options included remaining a shareholder, or even adding more capital to the group, which filed for insolvency protection last week.
It is understood that plans to merge Arcandor’s Karstadt department stores with rival Metro’s Kaufhof chain are on hold while management try to stabilise the funding of mail-order division Primondo.