After a turbulent time (read previous coverage here), Karstadt’s supervisory committee has come to a definite decision in last week's conference, concerning the future of the department store chain.

The supervisory committee appointed Dr. Stephan Fanderl as new CEO of the Karstadt Warenhaus GmbH. Fanderl previously acted as chairman for the Karstadt supervisory committee. He is succeeded by Wolfram Keil, managing director of the Signa Retail GmbH. Jörg Schwengel, Signa Group, takes over Fanderls seat in the supervisory committee.

The Karstadt management team now consists of following persons: Dr. Stephan Fanderl as new CEO, Miguel Müllenbach as chief finance officer and labor director, Jörg-Peter Schmidden as chief merchandise officer and Thomas Wanke as chief retail sales officer.

“With Stephan Fanderl we were able to win one of the most profound experts of Germany as CEO. Furthermore, we are glad that we were able to tie Miguel Müllenbach to the company in the long run,” states Wolfram Keil, recent chairman of the supervisory committee.

The supervisory committee discussed also the economically necessary redevelopment and reconstruction concept that consists of three columns: increase in profit, measures to sustainably decrease staff- and material costs, as well as structural measures to improve efficiency of the branch portfolio.

Over the course of this concept, several Karstadt branches have to be closed in 2015, starting with the department stores in Hamburg and Stuttgart, both “K-towns” in Göttingen and Cologne, all on 30 June 2015, the branches in Frankfurt/Oder on 30 April 2015, and Paderborn on 30 September 2015.

“The redevelopment will require a lot from us. It’s not going to be possible to secure the viability of the company, without closing some branches. (…) But with our new associate we have developed a concept for the future, with which we will strategically re-adjust our company after a successful redevelopment,” states Fanderl. The opening of individual branches of a new department store format, are scheduled for spring/summer 2015.