Woolworth GmbH
Encyclopedia
Deutsche Woolworth GmbH
& Co. OHG
is a Frankfurt, Germany based owner of the Woolworths chain of high street shops in Germany
and 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.
. 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).
162 stores were acquired by Tengelmann in 2010.
Gesellschaft mit beschränkter Haftung
Gesellschaft mit beschränkter Haftung is a type of legal entityvery common in Germany, Austria, Switzerland, and other Central European countries...
& Co. OHG
General partnership
In the commercial and legal parlance of most countries, a general partnership or simply a partnership, refers to an association of persons or an unincorporated company with the following major features:...
is a Frankfurt, Germany based owner of the Woolworths chain of high street shops in Germany
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
and Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
and a former subsidiary of the American F. W. Woolworth Company
F. W. Woolworth Company
The F. W. Woolworth Company was a retail company that was one of the original American five-and-dime stores. The first successful Woolworth store was opened on July 18, 1879 by Frank Winfield Woolworth in Lancaster, Pennsylvania, as "Woolworth's Great Five Cent Store"...
.
It is not part of the closure scheme that has affected the British Woolworths Group
Woolworths Group
Woolworths Group plc was a listed British company that owned the high-street retail chain, Woolworths, as well as other brands such as the entertainment distributor Entertainment UK and book and resource distributor Bertram Books...
stores.
History
F. W. Woolworth Co. GmbH was founded in 1927 as a subsidiary of the American company F. W. Woolworth CompanyF. W. Woolworth Company
The F. W. Woolworth Company was a retail company that was one of the original American five-and-dime stores. The first successful Woolworth store was opened on July 18, 1879 by Frank Winfield Woolworth in Lancaster, Pennsylvania, as "Woolworth's Great Five Cent Store"...
. 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
Foot Locker
Foot Locker, Inc. is an American sportswear and footwear retailer, with its headquarters in Midtown Manhattan, New York City, and operating in approximately 20 countries worldwide. Formerly known as Venator Group, Inc., it is the successor corporation to the F.W. Woolworth Company , and many of...
in 1998, through a management buyout
Management buyout
A management buyout is a form of acquisition where a company's existing managers acquire a large part or all of the company.- Overview :Management buyouts are similar in all major legal aspects to any other acquisition of a company...
. In October 2007 the British investment and consulting company Argyll Partners purchased the company.
The first store opened in Bremen
Bremen
The City Municipality of Bremen is a Hanseatic city in northwestern Germany. A commercial and industrial city with a major port on the river Weser, Bremen is part of the Bremen-Oldenburg metropolitan area . Bremen is the second most populous city in North Germany and tenth in Germany.Bremen is...
. 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.162 stores were acquired by Tengelmann in 2010.