Praktiker bankruptcy separate from Bâtiself

(CS) Luxembourg's Bâtiself stores are not affected by the most recent developments of soon-to-be-bankrupt German DIY market chain Praktiker, even though the company is looking for a new investor.

Praktiker's bankruptcy managers announced last week that no investor had been found for the German chain. According to reports, a sale at the company's 130 outlets is expected to begin as early as this week.

Around 5,300 jobs are at stake in Germany.

However, while Bâtiself is connected to Praktiker, it is not a subsidiary but a Luxembourg company, separate from the bankrupt German business.

Bâtiself has its own management and board of directors. Meanwhile, Praktiker holds a 62 percent share with the remaining 38 percent owned by various Luxembourg investors.

The Luxembourg company is now looking for a successor to take over Praktiker's shares.