The supervisory board of Karstadt, the troubled German department store group, has decided on its new operational leadership and plans to restructure the chain. As expected, Stephan Fanderl, until now chairman of the supervisory board, has been named new chief executive officer. On the supervisory body he is replaced by Wolfram Keil, also an executive of Signa, the holding company of Austrian entrepreneur René Benko, which took control of Karstadt last year.
Fanderl will be assisted by Miguel Müllenbach, CFO and the acting CEO, Jörg-Peter Schmiddem in charge of purchasing and Thomas Wanke in charge of sales.
Meanwhile, the supervisory board has decided on a restructuring plan that comprises, mainly, of increasing profits and measures to reduce expenses on human resources and other assets as well as structural changes to improve the store performance.
Without painful decisions, which include the closing of stores, we will not be able to ensure the survival of the company.”
Stephan Fanderl, new CEO, Karstadt Warenhaus
As for now, it has been decided to shut down six doors between April and September next year. The stores to be closed are located in Stuttgart, Hamburg, Göttingen, Frankfurt/Oder, Cologne and Paderborn. Specialty shops under the Karstadt Sports banner are not on the list.
Meanwhile, Signa Holding denied that it made another effort to convince Metro Group that it should merge its own Kaufhof chain of department stores with Karstadt.