Woolworth GmbH

Deutsche Woolworth GmbH & Company OHG is a Frankfurt, Germany-based owner of the Woolworths chain of high street shops in Germany and Austria and a former subsidiary of the American F. W. Woolworth Company.

It is not part of the closure scheme that has affected the British Woolworths Group stores.

History

F. W. Woolworth Co. GmbH was founded in 1927 as a subsidiary of the American company F. W. Woolworth Company. When still part of the parent company, corporate documents refer to the division as Retail Company of Germany, Inc.. The German subsidiary separated from its American parent company in 1998, through a management buyout. In October 2007, the British investment and consulting company Argyll Partners purchased the company.

The first store opened in Bremen. The chain has 340 outlets ranging from 400 to 4000 square metres in size. It has over 16,000 employees and generated sales of approximately € 1 billion (2003).

Insolvency

On April 14, 2009, Woolworth GmbH had to declare insolvency.[1] More than half of the 311 outlets were likely to close within a few months.[2]

The Tengelmann Group acquired 162 stores in 2010. By the end of 2011, the number of stores in Germany grew to over 200. The new Woolworth GmbH has its headquarters in Unna, similar to chains such as 'kik' and 'TEDI'. In the next few years, Tengelmann/Woolworth plans to open about 300 additional stores. The German store network should have about 500 stores by 2015. Tengelmann has acquired the brand rights for a European expansion (excluding the UK), but has not yet opened a store outside Germany.

External links

References

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