Ailing bauMax chain sells Bulgarian units

Ailing bauMax chain sells Bulgarian units
Less than two weeks after the Austrian hardware store chain got a lifeline through the sale of the art collection of its founder, Karlheinz Essl, the ailing retailer has announced the sale of its Bulgarian subsidiary to a private investor, reported Reuters on Thursday.

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.

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