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Joint statement of Karstadt Warenhaus GmbH and its CEO Mrs Eva-Lotta Sjöstedt

Karstadt announces that Mrs Sjöstedt has decided to step down as ‘Geschäftsführerin’ (CEO) of Karstadt Warenhaus GmbH.

Mrs Sjöstedt explained her action to the Chairman of the Supervisory Board as follows:

“When I decided to go to Essen last autumn, I did this with the firm belief that I would be able to take over and develop a beleaguered company in a very difficult situation.

I also took this step at that time because the owners of Karstadt Warenhaus GmbH, Berggruen Holdings, promised me their full support for my strategy and my investment plans for the 83 department stores.

However, after close examination, the experience of recent months and with full knowledge of the economic framework data, I now find that the conditions for the path I intended are not present anymore.

Therefore I have told the Supervisory Board that I am no longer available as ‘Geschäftsführerin’ of Karstadt Warenhaus GmbH and that I will step down with effect from 7 July 2014.

I particularly want to thank all employees at the headquarters and at the department stores for their trust and I wish them all the best for the future.”

The company regrets this decision of Mrs Sjöstedt, but must accept it.