Otto Group Acquires Quelle Assets

The Otto Group, the Hamburg, Germany-based mail order giant, has acquired Quelle Russia and the rights to use the Quelle name in Germany and other Eastern European counties.

Terms were not disclosed.

Specifically, Otto is acquiring all shares the shares in ZAO Mail Order Service, Quelle’s mail order business in Russia and the insolvent assets of Primondo AG, Quelle’s parent company.

This acquisition must be approved by European and Russian antitrust authorities.

Last month, the Quelle catalog closed its doors as its parent company filed for bankruptcy amid reports that more than 6,000 employees may be laid off. To learn more, click here http://directmag.com/catalogretail/1021-catalogretail-quelle/index.html