Arcandor, the German retailer that became one of Europe’s biggest corporate casualties of the downturn, on Thursday night suffered a big setback in its plans to re-emerge intact from bankruptcy when its re-structuring adviser quit, blaming the company’s main shareholder for lack of support.

Horst Piepenburg said the management’s plans to revive the company were “without foundation” as there was “no support from Arcandor’s main shareholder Sal. Oppenheim,” the German private bank.