Administrators for insolvent German home-improvement chain Praktiker say no investors have stepped forward with takeover bids; 50 stores have already closed, with similar fate awaiting remaining roughly 250
September 4, 2013
(AFP World News)
– Administrators for the insolvent German home improvement store chain Praktiker said Wednesday they have failed to find an investor to come to the retailer's rescue.
"There are no takeover offers for the DIY chain Praktiker," the group's administrator Christopher Seagon said in a statement.
As a result, preparations were underway to put the group's empty stores up for sale and as part of that, the inventory of those stores would be sold off starting from next week, Seagon said.
Praktiker, a former subsidiary of the retail and distribution giant Metro, filed for insolvency in July.
It had as many as 300 stores across the country, 50 of which have already been closed. A similar fate now awaits the rest.
By contrast, the group's other brand "Max-Bahr" has attracted interest from a number of potential buyers and negotiations have already begun with a solution expected to be announced on October 1, the statement said.
"We see good chances of securing the sites and jobs at Max Bahr," said Max Bahr's administrator Jens-Soeren Schroeder.
(c) 2013 Agence France-Presse