DIY group CWA has bought 62 % of the shares in the Luxembourg branch of the bankrupt German DIY Praktiker chain. The remaining 38 % will remain with other Luxembourgish investors.
200 jobs saved
Praktiker’s had three 'Bâtiself' stores in Luxembourg, with a 2012 turnover of 34.7 million euro. Its 200 employees will transfer to CWA, who will continue to use all three stores under the same name. These three stores will join three other stores, called Bati C, in Luxembourg and France.
Praktiker had to shut down mid-July, as its debt burden turned out to be too large. Competing with the bottom half of the DIY market proved deadly, with a 2011 loss of 554 million euro, with 2012 adding another 118.9 million euro in losses. Praktiker is still talking to other possible interested parties, hoping to sell off non-German Praktiker stores. Liquidator Christopher Seagon hopes to finish all proceedings shortly.
(translated by Gary Peeters)