The praktiker DIY chain is on the verge of going out of business. Negotiations on further financing for the restructuring failed, praktiker announced in hamburg on wednesday evening. Individual creditor groups did not agree to the plan. As a result, praktiker AG is overindebted and insolvent. Praktiker is one of germany's largest DIY chains.
In the short term, an application for insolvency proceedings is now to be filed with the competent local court for praktiker AG and several operating companies. This is the result of a letter from the praktiker board of management to the employees, which was made available to dpa on wednesday evening.
The more profitable subsidiary max bahr and the international business are not affected by the insolvency, as stated in the letter. Group-wide, praktiker has sold around 18.000 employees, almost 7000 of them abroad. According to the company, the group operates almost 430 DIY and home improvement stores in nine countries, of which more than 300 are in germany.