The German DIY-store group Praktiker is withdrawing from a number of loss-making markets. Armin Burger, chairman of the board, reported in his speech at the annual general meeting on 29 May that the company had decided on 11 February to discontinue its financial support for the Turkish regional company Praktiker Yapi Marketleri. The management there has therefore had to file for insolvency. The end of the company’s involvement in Turkey, which has so far incurred non-recurring expenditure of €6.6m, will probably take place sometime this year. This will relieve the Praktiker group’s result of a burden in the low double-figure millions.
Source:
http://www.euwid-wood-products.com/news/miscellaneous/single/Artikel/praktiker-withdrawing-from-a-number-of-foreign-markets.html
