Variety store operator Woolworth has formally emerged from insolvency, following its integration into the Tengelmann group.

Of the formerly about 300-strong portfolio, which was reduced to 162 under administration, about 150 have now been transferred to the new owners.

The group of owners consists of Tengelmann and HH Holding, the group behind clothing discounter KiK and non-food discounter TEDI (in which Tengelmann owns 83% and 30% stakes, respectively). Dieter Schindel has been appointed director.

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