MEDIA RELEASE

TEDI, WOOLWORTH AND KIK BUY LARGE PART OF CHARLES VÖGELE GERMAN STORE NETWORK

Sigrmaringen, 23 January 2017 - TEDi, WOOLWORTH and KiK signed an agreement with Charles Vögele Deutschland GmbH aimed to buy a large part of the German store network of the Swiss retailer. The three retailers will, subject to the consent of the respective landlords, manage the majority of the stores under their respective brands and business concepts. Employees will be offered the opportunity to continue working. It is currently planned to transfer the rental agreements in Q2 2017.

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All statements in this press release that do not relate to historical facts are statements concerning the future that in no way offer a guarantee of future performance; they incorporate risks and uncertainties including, but not limited to, future global economic conditions, exchange rates, legal requirements, market conditions, activities of competitors and other factors that are outside the company's control.


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