Source AP ©

KarstadtQuelle changes its name to Arcandor AG

Retailer KarstadtQuelle AG, having existed in Germany for 125 years, decided to change its name to Arcandor AG.

The Essen-based company said the name change will likely take effect at the beginning of July, when it has been listed in the commercial registry.

Under the new name Arcandor, the company will continue to operate its brands, including the Thomas Cook travel operator, Karstadt department stores and Quelle mail order.

The shareholders also approved the proposal that the company should switch its financial accounting calendar to a year ending Sept 30, taking effect this year.

Shares of KarstadtQuelle were up 0.18 percent to 27.94 EUR (US$37.79).