The insolvency proceedings for Karstadt Warenhaus GmbH
and Quelle GmbH opened on
1 September 2009. Quelle GmbH has now been liquidated on the basis of a resolution by the Creditors’ Meeting on 11 November 2009. In 2005, Deutsche Post acquired the logistics activities of the trading group (then known as KarstadtQuelle), including its warehouses, and entered into a tenyear agreement governing further co-operation. Despite the insolvency proceedings, Deutsche Post DHL had continued to provide all services for Karstadt and Quelle. However, an amended customer master agreement will reduce revenue and earnings projections for 2010 and beyond. The insolvency impacted earnings by € –247 million in the financial year.
Deutsche Post DHL withdrew from the domestic US express business with effect from the beginning of February 2009. The full range of international products remains on offer. In financial year 2009, expenses were incurred for restructuring measures amounting to €495 million (previous year: €2,117 million).