Shares in Arcandor (AROG.DE) are indicated 4.2 percent lower in pre-bourse trade, making them the sharpest of two decliners among German midcaps .MDAXI, as the stock comes under pressure after the retailer's insolvency lawyer, Horst Piepenburg, steps down citing a lack of support from major shareholder Sal Oppenheim.

"The insolvency lawyer was hired by Arcandor and was supposed to pave the way for a survival of the retailer in its current form," says Heino Ruland, analyst at Ruland Research, adding that this is clear negative news for the company.