KarstadtQuelle writes off ?90 million while Rewe sells LTU
German department store and catalogue operator KarstadtQuelle has written off sales of Eu90 million (£62 million) as it cancels textile commitments that were destined for its former department store chain Karstadt Kompakt.

The move is expected to result in a Eu1 million (£680,000) loss of net profit from the retailer's bottom line.

KarstadtQuelle sold its Gladbeck-based 74-strong Karstadt Kompakt chain last year to a financial investor. In its latest financial year, Karstadt Kompakt had sales of Eu680 million (£468.3 million) and had 4,800 workers.

Also in Germany, retail and tourism group Rewe has sold a 40 per cent stake in German charter airline LTU saying that it did not represent a good fit with its existing interests. Financial details of the deal were not disclosed.

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