Schlecker Family Exhausts Funds for Revamp, FT Deutschland Says

The Schlecker family has no more money to contribute to a rescue effort for its namesake drugstore chain, Financial Times Deutschland said, citing Meike Schlecker, daughter of the owner Anton Schlecker.

While several hundred of the 6,000 German stores will be closed, a “three-digit-million-euro” sum is need to modernize the remaining shops, the German newspaper cited Arndt Geiwitz, the chain’s insolvency administrator, as saying.

Family members including Meike’s brother Lars and her mother Christa already spent a three-digit-million-euro amount to finance a restructuring and now there is nothing left, Meike Schlecker said, according to Financial Times Deutschland.

To contact the reporter on this story: Sheenagh Matthews in Frankfurt at smatthews6@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net

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