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Reuters
Published
Jul 17, 2009
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Arcandor seen down as lawyer quits

By
Reuters
Published
Jul 17, 2009

Shares in Arcandor (AROG.DE) are indicated 4.2 percent lower in pre-bourse trade, making them the sharpest of two decliners among German midcaps .MDAXI, as the stock comes under pressure after the retailer's insolvency lawyer, Horst Piepenburg, steps down citing a lack of support from major shareholder Sal Oppenheim.



"The insolvency lawyer was hired by Arcandor and was supposed to pave the way for a survival of the retailer in its current form," says Heino Ruland, analyst at Ruland Research, adding that this is clear negative news for the company.

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