Karl-Gerhard Eick, chief executive of insolvent German retailer Arcandor, is in talks to quit his post on Tuesday and pocket up to €15m ($21m) for six months’ work.

People briefed on the matter said Mr Eick, who took the job in March intent on saving the beleaguered retailer, was in talks to have his five-year contract paid out, which is composed of an annual €2m in fixed pay and a bonus of €1m.