Praktiker

Praktiker AG

Company type	Aktiengesellschaft
Traded as	FWB: PRA
Industry	Retailing
Founded	1978 (Luxembourg)
Defunct	2014
Headquarters	Hamburg, Germany
Key people	Udo Gröner (Insolvency administrator Praktiker AG) Jens-Sören Schröder (Insolvency administrator Max Bahr) Christopher Seagon (Insolvency administrator Praktiker and Extra stores)
Products	Home improvement and garden centre retail
Revenue	€3.448 billion (2010)
Operating income	€35.3 million (2010)
Net income	(€554 million) (2011)
Total assets	€2.031 billion (end 2010)
Total equity	€839.9 million (end 2010)
Number of employees	19,523 (FTE, average 2011)
Website	www.praktiker.com

A Praktiker store in Bucharest, Romania

Interior view of a Praktiker store in Neu-Ulm, Germany

Praktiker activities

Praktiker was a German hypermarket chain offering home improvement and do-it-yourself goods. It was based in Hamburg and opened its first store in 1978. Initially owned by ASKO, the chain became a division of Metro AG after the merger of ASKO with Metro Cash & Carry in 1995. It was spun off as a fully independent corporation on 21 June 2007, listing on the Frankfurt Stock Exchange and becoming an MDAX constituent. Later it was listed on the SDAX. Praktiker filed for insolvency on 11 July 2013 for eight subsidiaries including Extra Bau+Hobby, on 12 July 2013 for the umbrella brand Praktiker AG and on 25 July 2013 for the Max Bahr subsidiary. The foreign subsidiaries except the Turkish subsidiary Praktiker Yapi Marketleri A.Ş. (filed for bankruptcy in February 2013) are not affected by this.

Operations

Germany

In 1979 Praktiker opened its first four stores in Germany. Over the years Praktiker took over many smaller companies and changed most of their stores into Praktiker stores:

• 1979: 9 "BayWa" stores
• 1985: 12 "Wickes" stores
• 1991: "Esbella", "Continent"
• 1993: "BLV", "MHB", "Massa", "Huma", "Extra", "Real-Kauf"
• 1996: 27 "Bauspar" stores
• 1997: 60 "Wirichs" stores
• 1998: 25 "Extra" franchise stores
• 2000: 27 "Top-Bau" stores
• 2006: 76 "Max Bahr" stores

The Praktiker management began in late 2012 with the transformation of 119 Praktiker stores to Max Bahr stores. At the end of this process in December 2013 Germany should have 117 Praktiker and 196 Max Bahr outlets, at the beginning of that process there were 236 Praktiker and 78 Max Bahr stores. Because of the insolvency applications in July 2013 all those plans are stopped, with 54 former Praktiker stores already transferred to Max Bahr outlets. The companies Hellweg and Globus failed to reach an agreement with the Royal Bank of Scotland to buy 59 Max Bahr stores in November 2013. All Praktiker, Extra Bau+Hobby and Max Bahr stores were closed by the end of November 2013 (Praktiker, Extra, 40 Max Bahr stores) or at the end of February 2014 (remaining Max Bahr stores).

Europe

Active subsidiaries

The only remaining subsidiary in Hungary operates 19 stores in Budapest, Békéscsaba, Debrecen, Esztergom, Győr, Kaposvár, Kecskemét, Miskolc, Nyíregyháza, Pécs, Szeged, Székesfehérvár, Szolnok, Szombathely, Vecsés and Zalaegerszeg.

Sold subsidiaries

In Ukraine, the first hypermarket was opened on November 29, 2007 in Donetsk, three more opened in Lwiw, Mykolaiv and Kiev. The stores were sold on February 11, 2014 to Ukrainian investor Kreston Guarantee Group.

The three Luxembourgian "bâtiself" stores in Foetz, Strassen and Ingeldorf were sold in October 2013.

In February 2014, the Romanian subsidiary, Praktiker Romania S.R.L. (with 27 stores), was sold to Search Chemicals.

The Bulgarian subsidiary, Praktiker EOOD, was sold to Videolux Holding AD.

The 24 Polish Praktiker stores were sold to Papag AG in March 2014.

Praktiker Greece was sold on April 8, 2014 to Canadian investor "Fairfax Financial Holding Ltd.".

The 19 Hungarian Praktiker stores were sold to Papag AG in January 2015. In Hungary operates 19 stores in Budapest, Békéscsaba, Debrecen, Esztergom, Győr, Kaposvár, Kecskemét, Miskolc, Nyíregyháza, Pécs, Szeged, Székesfehérvár, Szolnok, Szombathely, Vecsés and Zalaegerszeg.

Closed subsidiaries

In Turkey, there were eleven stores in Istanbul, Ankara, Izmir, Adana, Gaziantep and Konya. The Turkish subsidiary filed for insolvency in February 2013.

In Albania, the first hypermarket was opened on October 30, 2009 in Tirana. It was closed on November 30, 2011 due to the restructuring.

In Moldova, the first hypermarket should have opened in 2009 in Chişinău, but nothing happened.