Ailing bauMax chain sells Bulgarian units
The Local · 11 Sep 2014, 18:10
Published: 11 Sep 2014 18:10 GMT+02:00
- Strabag owner buys Essl art collection (02 Sep 14)
- Ailing hardware chain bauMax to be sold (09 Jul 14)
The home improvements group has sold eight stores to Bulgarian investor Haedus JSC, as part of its bid to struggle back into viability.
BauMax has suffered from weak demand as a result of depressed economies throughout the region, and is undergoing restructuring in conjunction with its major creditors, including Bank Austria, Erste Group and the Raiffeisen banks.
No financial details were released about the deal, which is subject to approval by regulators.
The art collection was bought by Austrian tycoon Hans Peter Haselsteiner.