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. Last Updated: 07/27/2016

German Mail-Order Firm Buys Quelle

FRANKFURT — Germany’s Otto, the world’s largest mail-order company, has struck a deal to buy the Russian business and trademark rights of its insolvent peer Quelle, it said Thursday.

Quelle, which is part of Arcandor’s mail-order business Primondo, is shutting down after more than 80 years in business, having failed to find a new investor.

Otto paid a double-digit million euro sum for the deal, a source close to the negotiations said. Otto and Quelle did not disclose the size of the deal.

(Reuters)