Woolworth GmbH
Deutsche Woolworth GmbH & Company OHG is a chain of department stores in Germany, 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, nor is it related to the Australian-based Woolworths Limited retail group.
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. More than half of the 311 outlets were likely to close within a few months.
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