What happened to Senio the German franchise chain for senior products?

I was recently contacted by somebody trying to find out the reasons why Senio, the German retail company selling products for seniors, went out of business.

The company was founded in 1993 and by 2002 was a chain of stores with plans to open a further 8 shops. Apparently it implemented a number of different sales concepts including retail shops, shop in shop systems, sales representatives, mail order catalogues and an on line store.

The Senio chain was wound up this year (2009) having been sold by the founder to a subsidiary of the troubled Arcandor Group in 2008.

So what went wrong? Bad business model? Recession? Poor implementation?

Anybody with any knowledge of the company's demise please leave a comment. Dick Stroud