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Austrian branch of retailer Quelle to file for bankruptcy
Nov 6, 2009, 10:30 GMT
Vienna - The Austrian branch of failed mail-order retailer Quelle is set to file for bankruptcy soon, an employee representative said Friday, one day after the German parent company's brand name was sold to national competitor Otto.
All of the 1,100 jobs would likely be lost, works council chief Felix Hinterwirth told the German Press Agency dpa, explaining that the company's supervisory board had tasked management with starting bankruptcy proceedings.
Quelle Austria has liabilities of more than 100 million euros (149 million dollars), Austrian press agency APA reported.
The insolvency administrator for Quelle in Germany has begun a discount sale of its inventory and layoffs, which a union official said would affect more than 6,000 remaining employees.
Bavarian-based Quelle had been teetering on the brink of collapse since its parent company, retailer Arcandor, filed for bankruptcy on June 9.
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