Praktiker in Hungary has been sold

Following the acquisition of Praktiker Polska, the Switzerland-based strategic investor Papag AG is now taking over the foreign subsidiary Praktiker Kft. Budapest of the insolvent German DIY store group. This completes the sale of all seven of Praktiker’s foreign subsidiaries. Selling off the Hungarian operation proved more difficult than the other foreign subsidiaries, according to insolvency administrator Christopher Seagon, as there were restrictions by the lessor of a considerable share of the business premises on their continued use under the Praktiker logo.
The sale secures the 19 stores and all 935 jobs in Hungary. According to Papag, it will continue to run the company under the Praktiker brand. Praktiker’s most recent annual sales in Hungary amounted to around € 90 mio.