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Germany's Arcandor (owner's Of Thomas Cook) About To Fail

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I assume you don't have to get up early on hol now to stop the Germans putting their towels on all the sunbeds!

That has to be a good thing.

Every cloud, etc.....

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and this was no fly by night operation either...................... I'll get my coat

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Why the hell should they get state aid?

Surely they can be allowed to go to the wall just like any other business?? :blink:

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Anyone read the full article - it is subscription only? Does it say why this firm might go bust - lack of Germans going on hols due to recession?

It's mostly the retail bit in trouble - Germany's Woolie's?

From the yesterday's Grauniad:

The government has set up a 100 billion euro ($142.9 billion) fund to provide temporary aid to companies hit by the financial crisis but helping Arcandor, whose troubles predate the crisis, is controversial.

The leader of the liberal Free Democrats (FDP), Guido Westerwelle, warned against granting it state aid.

"I think it is necessary that, for once, the owners themselves take reponsibility," said Westerwelle on German radio.

"It cannot be up to German taxpayers to save the property of a rich family," said Westerwelle.

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