Praktiker says “Görüşürüz”

Praktiker, a German DIY retail group, is withdrawing from Turkey and, in view of the persistent loss-making business trend in this country, is halting payments to the local regional company. As a result of this decision taken by the main board, Praktiker Yapi Marketleri A. S., the operator of ten DIY stores throughout the country, has filed an application with the appropriate court in Istanbul for the institution of orderly bankruptcy proceedings. As chairman Armin Burger explained, the company cannot afford “a permanent loss-maker like Turkey”. Although there have been attempts to sell the Turkish subsidiary, it has not been possible to achieve an economically acceptable agreement. Now the stores and the inventory are to be sold either whole or in part within the framework of the bankruptcy proceedings. Provided the court approves the application, the plan devised by the management of the Turkish Praktiker company will be carried out under state supervision.