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Praktiker

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Praktiker AG
Company typeAktiengesellschaft
FWB: PRA
IndustryRetailing
Founded1978 (Luxembourg)
Defunct2014
HeadquartersHamburg, Germany
Key people
Udo Gröner (Insolvency administrator Praktiker AG)
Jens-Sören Schröder (Insolvency administrator Max Bahr)
Christopher Seagon (Insolvency administrator Praktiker and Extra stores)
ProductsHome improvement and garden centre retail
Revenue€3.448 billion (2010)[1]
€35.3 million (2010)[1]
Decrease (€554 million) (2011)[2]
Total assets€2.031 billion (end 2010)[1]
Total equity€839.9 million (end 2010)[1]
Number of employees
19,523 (FTE, average 2011)[3]
Websitewww.praktiker.com
A Praktiker store in Bucharest, Romania
Praktiker activities

Praktiker is a German hypermarket chain offering home improvement and do-it-yourself goods. It is 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 22 November 2005, 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 are to be closed at the end of February 2014 (remaining Max Bahr stores).

Europe

Country First store Number of
stores
 Germany 1979 731
 Romania 2002 26
 Poland 1997 24
 Hungary 1998 20
 Greece 1991 14
 Bulgaria 2004 9

(1)Operating under the "Max Bahr" brand, closing by the end of February 2014.

As of 2014, the chain operates stores in five countries: Hungary, Greece, Poland, Romania and Bulgaria.

In Bulgaria, the company operates 8 stores as of December 2007: two in Sofia (one of which in Lyulin) and one each in Varna, Plovdiv, Bourgas, Rousse, Stara Zagora, Pleven and Veliko Tarnovo. Several others are in construction or planning.

In Romania, Praktiker operates 26 stores: three in the capital Bucharest, two each in Iaşi and Timişoara and one each in Constanţa, Ploieşti, Brăila, Braşov, Oradea, Arad, Satu Mare, Baia Mare, Cluj-Napoca, Târgu-Mureş, Bacău, Craiova, Galaţi, Târgovişte, Deva, Piteşti, Buzău, Piatra Neamţ and Focşani.

In Greece, Praktiker has 14 stores: five in Athens and one each in Thessaloniki, Patras, Larissa, Volos, Ioannina, Kalamata, Xanthi, Alexandroupoli and Heraklion.

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

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.[4]

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.

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

References

  1. ^ a b c d Praktiker Group Annual Report 2010 (PDF). Praktiker. Retrieved 10 April 2011.
  2. ^ "Praktiker rutscht tiefer in die roten Zahlen – Aktie bricht ein". Focus Money Online. 2012-03-28. Retrieved 2012-03-28.
  3. ^ Praktiker Group Annual Report 2012 (PDF). Praktiker. p. 2. Retrieved 10 July 2013.
  4. ^ Kreston Guarantee Group übernimmt Praktiker Ukraine TOV, Kiev. (German)
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