German cities' refusal to waive tax claims threatens Karstadt sale

05/12/2010 | Bloomberg Businessweek

Arcandor department store division Karstadt is in negotiations with potential buyers, but any deal could be jeopardised by claims from German cities. A couple of cities have rejected a request to waive claims that Karstadt owes taxes, according to the insolvency administrator. "This is incomprehensible as the cities won't see the money anyway if the sale process fails and Karstadt has to close down," said Thomas Schulz, a representative for the administrator.

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