KarstadtQuelle / Enterprise (meal)

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The KarstadtQuelle AG is of Europe largest department store and dispatch dispatch companydispatch company. It resulted 1999 from the unification of the Karstadt AG (based 1881) and the source Schickedanz AG & CO. (based 1927). The previous parent company Karstadt AG concentrates since the fusion on the enterprise of the Karstadt department stores.

Overview

In the year 2003 the company gains a conversion of 15.3 billion euro also over 100.000 coworkers and a sales area of 2.621.000 m In the first half-year 2004 the conversion sank on 6.87 billion euro. The company is noted in the MDAX. Their largest branch is at the same time also the second largest European department store KaDeWe in Berlin with 60.000 m sales area; the largest branch under the mark Karstadt lies on the Zeil in Frankfurt/Main.

Business fields

The business fields of the KarstadtQuelle company are:

Stationary retail trade:
- Department stores: Karstadt, Hertie, KaDeWe, value home, Alsterhaus, WoM (World OF Music), Schaulandt, LeBuffet, Fox market
- Sport houses: KarstadtSport
Versandhandel:
- Universal dispatch: Neckermann, source
- Special dispatch: Roll, Hess nature, Fritz Berger
Services:
- Tourism: Neckermann journeys, Bucher journeys, Thomas Cook AG (50%-Beteiligung)
- Financial services: KarstadtQuelle bank, KarstadtQuelle finance service, KarstadtQuelle insurance (22,5%-Beteiligung); KarstadtQuelle financial service operates financial centers in nearly all large Karstadt department stores, which both insurance and financial products of the direct insurer KarstadtQuelle insurance, Hamburg Mannheimer, DKV,) offers own KarstadtQuelle bank, the ERGO group of insurance (Victoria, to which, and all considerable insurance companies of Germany.
- Further services: Customer Advantage Program (HappyDigits), Itellium, KarstadtQuelle information services

History

History of the Karstadt department store AG up to the fusion with source

To 14. May 1881 created Rudolph Karstadt (1856-1944) its first business named "cloth, Manufactur and Karstadt" in Wismar. The second Karstadt house was opened 1884 in Luebeck. Customers of the first hour were Thomas and its brother Heinrich man. Karstadt set from the outset on favorable fixed prices in place of otherwise still usual acting, so that fast branches in 24 cities of Northern Germany opened.

1920 were taken over the company Althoff von Karstadt and the entire company was converted into a corporation.

1977 acquired Karstadt first a participation of the majority at the Neckermann dispatch AG, bought up the enterprise 1984 and integrated it into the company structure. 1994 was bought up the Hertie department stores (among other things KaDeWe Berlin) by Karstadt. 1999 fused the Karstadt AG and the distributing house source AG to the KarstadtQuelle AG.

The KarstadtQuelle AG and the crisis

In July 2000 chief executive walter Deuss laid down his office after criticism at his work. Successor becomes Wolfgang Urban. In January 2001 Karstadt announced to paint up to 7.000 places. The company buys the textile chain SinnLeffers. In October 2001 a community company with Starbucks was created. In November 2001 Christoph became oh brook boss of the subsidiary companies source and Neckermann.

Between 2002 and 2004 it came to recessions in sales and a break-down with the yearly surplus. In May 2004 chief executive Wolfgang Urban had - one accused to which like its predecessor a missed managerial policy - the enterprise leave (officially for health reasons). In June 2004 Christoph became oh brook company head, Thomas Middelhoff supervisory board boss.

In October 2004 it became admits that the Karstadt company is in dramatic financial difficulties. Due to to Missmanagements for many years and the continuous retail trade calm air one announced to sell 77 of the 189 department stores (all, less than 8000qm the sales area exhibit) in Germany. A majority of the participation of the company (specialized retail trade, smaller Karstadtfilialen, portions to Thomas Cook AG and the DSF are to be sold.

In November 2004 it was published that in the third quarter 2004 a loss of 1,1 billion euro developed. The company carried out thereupon the separation from Starbucks.

KarstadtQuelle fights with the problems of the entire retail trade, in addition, house-made problems. Thus one held against the market trend to a mixing goods program. Critics criticize, the mechanism is too old-fashionably, the program not customer fair. Also the former consulting authority was lost through personnel reduction. In the year 2004 the dismantling by approximately 8,500 places and sales/locking of half that was planned approx. 150 department stores, in order to still save the enterprise. In August 2005 75 Karstadt branches (Karstadt compactly GmbH & Co.KG), 51 SinnLeffers as well as the specialized trade chain Runners POINT were sold.

Since March 2005 a shareholder pool holds around larva line Schickedanz over 50 per cent of the shares. In May 2005 it became admits that the conversion in the first quarter sank by 8,6 per cent. In the same month Thomas Middelhoff became after requests of source heiress and larva line Schickedanz chief executive.

In May 2006 the enterprise announced to look for for the company getting thing a new name which becomes fair the great importance of the tourism section.

Chairman of the board of the KarstadtQuelle AG

Walter Deuss (1999-2000), at present president of the retail trade federation BAG
Wolfgang Urban (2000-2004), formerly managers with Metro
Christoph oh brook (until April 2005)
Harald Pinger (provisional, April 2005-12. May 2005)
Thomas Middelhoff (since that 12. May 2005)