Praktiker to be re-organized

The Germany-based Praktiker DIY chain will be re-organized. According to the decision approved at the general meeting of the company that concept will be implemented, which envisages store closures.

Under the plan, the shareholders will carry out a 60 million euros capital increase, while the Anchorage U.S. private equity company will provide 85 million euros for the conversion. Among the 234 Praktiker stores in Germany 120 continues to operate as the part of the Max Bahr network, and the loss-making stores will be closed.  (MTI)