German retailer Schlecker needs a decision on financing from the state-owned development bank KfW Group this week so the company doesn’t risk failing to find an investor, insolvency administrator Arndt Geiwitz told the Financial Times Deutschland in an interview.

Remaining employees need to commit to a pay cut in the following week, the FTD cited Geiwitz as saying.

To contact the reporter on this story: Cornelius Rahn in Frankfurt at crahn2@bloomberg.net

To contact the editor responsible for this story: Kenneth Wong at kwong11@bloomberg.net