All of insolvent drugstore chain Schlecker’s 2,800 German stores are set to close after administrators to the business failed to find a buyer. Around 13,200 jobs will be lost in the country.
After months of attempting to save it, administrator Arndt Geiwitz said there was no way to keep the business afloat. Company debts to creditors are estimated at between e500m (£403.3m) and e1bn (£806.6m) and the Schleckers, once one of Germany’s wealthiest families, said they had lost their multi-billion fortune, leaving them unable to fund the loss-making firm. Trade union Ver.di reacted with “anger, sadness and disgust” and called for political intervention. Système U bought the 139-store French unit.