Woolworth Germany files for creditor protection

In a move reminiscent of its separate UK namesake, low-end retailer Woolworth Germany, owned by private equity groups Cerberus and Argyll Partners, last month filed for protection from creditors. But the court-appointed administrator is trying to salvage as many stores and branches as possible, and many remain open and trading. The move by Woolworth, which has 323 branches, 400,000 sq.m. in sales floors and some 9,000 workers in Germany, reflects in part the rise of discounters. It follows several attempts last year to stabilise the group, which opened its first store in Germany in Bremen in 1927 - including store makeovers, reduction in offered product lines and staff cuts. MD Stefan Rohrer threw in the towel in early April after just five weeks on the job, saying he had been presented with incorrect numbers. A number of chain stores have expressed an interest.