Leonard Tietz & Company, owning ten department stores in western Germany, with a capitalization at 23,000,000 Marks, will henceforth carry the name of “Western Germany Department Stores, formerly Tietz & Company,” according to a unanimous decision at a meeting of shareholders held at Cologne yesterday. Herr Tietz’s name will not appear on the buildings housing his department stores.
None of the members of the Tietz family was reelected to the administration at yesterday’s shareholders’ conference. Herr Alfred Tietz, together with a Nazi official, was appointed an advisor.
The manner in which the government gained control of the Tietz stores was to impose a high tax on the business which the owners were unable to meet. This gave the Nazis the legal excuse to step in and take over the business. The tax has since been reduced.
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