The Arcandor Disaster

According to a leaked PWC paper, Arcandor managed to burn a cool 1 bn € of equity during the last six months. And apparently, various major irregularities/discrepancies are still under discussion.

The 3/09 financials were supposed to be published last week, but have been delayed until the middle of June.

(Source: Handelsblatt, picked up via Egghat)

Edit: As discussed in an earlier post, equity declined by 500 m € in the 3 months to 12/08. So if they lost 1 bn € over 6 months, it seems that they are losing money at a constant quarterly rate of 500 m €...