Definition of Quelle

Arcandor AG (KarstadtQuelle AG until June 30, 2007) is a holding company located in Essen,  Germany that oversees companies operating in the businesses of mail order and internet shopping, department stores and tourism services. It was created in 1999 through the merger of Karstadt Warenhaus AG, which was founded in 1920, and Quelle Schickedanz AG & Co, founded in 1927. In 2005, the corporation had about 68,000 employees and annual sales of €15.5 billion. Its stocks were traded on the Mid Cap DAX until September 2009. The company's largest store is Kaufhaus des Westens (KaDeWe) in Berlin, while the largest store under the name Karstadt is in Frankfurt. On May 11, 2009, the company requested government financial assistance due to liquidity problems. On June 6, 2009, the company announced that it is no longer able to pay rent for its departments stores, which the company had previously sold and leasebacked. On June 9, 2009, the company filed for bankruptcy.