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Business

KarstadtQuelle Sells Logistics Operations

Troubled German retail giant KarstadtQuelle said Monday it had agreed to sell parts of its logistics operations to the semi-privatized German postal service Deutsche Post for €200 million ($260 million). The activities, representing annual sales of some €500 million, would be sold to Deutsche Post's express and logistics unit DHL, the retailer said in a statement. The transaction still had to be approved by the regulatory authorities, but was expected to take effect from April 1. DHL Solutions would take over the distribution logistics activities of Karstadt's department store arm, Karstadt Warenhaus, which included the goods distribution center in Unna/Holzwickede, the jewelry warehouse in Essen, sites in Essen-Vogelheim and Brieselan and regional logistic centers in Hamburg, Berlin, Kirchheim, Düsseldorf and Karlsruhe. In addition, DHL Solutions would operate the logistics operations of Karstadt's mail order units Quelle and Neckermann. The activities employs around 1,000 people at 11 sites. In all, some 3,650 KarstadtQuelle staff would be transferred to Deutsche Post as a result of the deal. At the same time, the two companies had signed a contract whereby Deutsche Post would handle KarstadtQuelle's department store and mail order logistics needs over a period of 10 years for some €5 billion, Deutsche Post said.

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