WestLB puts Boxclever units into receivership

WestLB, the troubled state-owned German bank, has put TV rental group Boxclever's loss-making service and logistics units into administrative receivership.

The move could allow the restructuring of the troubled units, which employ Boxclever's 4,000 staff and operate 160 outlets, as "a going concern" and pave the way for an eventual sale.

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