Kinowelt Medien AG
Kinowelt Medien AG english
Ad hoc announcement transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Kinowelt divests itself of loss-making business
Kinowelt’s Executive Board takes first important measure in
scheduled restructuring process
Munich/Drensteinfurt 02.07.2001: Brameier Fanworld AG (Drensteinfurt), in which
Kinowelt Medien AG has a 65% holding, today petitioned the courts for
insolvency. Brameier Fanworld is engaged in classical merchandising and owns a
chain of 113 franchise shops in inner-city locations throughout Germany.
Kinowelt’s Executive Board had earlier decided to focus in future on its core
business and to discontinue further financial investment in the heavily loss-
making Brameier operation and to search for a strategic partner for its
involvement. Today’s decision came after discussions with a variety of potential
investors to take over its complete holding had failed to produce the desired
results. Thus the first measure has been taken in the previously announced
consolidation process of the Kinowelt Media Group.
The profitable MR Kinowelt Merchandising GmbH, a 50% subsidiary of Kinowelt, is
not affected by the restructuring process and will continue to trade.
The Board informed shareholders of the current consolidation process at
Kinowelt’s annual general meeting of shareholders on 18 June 2001. Together with
a well-known management consulting firm the Board is developing a comprehensive
restructuring concept for the Kinowelt Media Group scheduled for completion by
the end of July. The Kinowelt Media Group is therefore on its way to create
stronger and more efficient structures to put its future operations on a sounder
and more profitable footing.
Enquiries to Kinowelt Medien AG:
Christin Wegener Jörg Lang
SVP Corporate Communications SVP Investor Relations
Tel.: + 49 89-30 796 7270 Tel.: + 49 89-30 796 8103
Fax: + 49 89-30 796 7330 Fax: + 49 89-30 796 7330
end of ad hoc announcement (c) DGAP 02.07.2001
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WKN: 628590; Index: NEMAX 50
Listed: Neuer Markt in Frankfurt; Freiverkehr in Berlin, Bremen, Düsseldorf,
Hamburg, Hannover, München, Stuttgart
021732 Jul 01
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