Final nail in coffin for Max Bahr hardware
Published: 26 Jul, 2013 CET.
Updated: Fri 26 Jul 2013 10:09 CET
Hardware store chain Max Bahr declared insolvency on Thursday, just weeks after its huge parent firm Praktiker went under. The chain was, experts thought, going to be safe from the collapse.
A subsidiary of Praktiker since 2007 when it was bought by the hardware giant, Max Bahr employed some 5,100 people. Bosses will register its insolvency at a Hamburg court, Der Spiegel news magazine said on Friday.
In recent years Max Bahr had been considered the safe arm of the ailing Praktiker kingdom and management hoped that the collapse of the parent firm would ultimately bring in more business for them.
But Praktiker's insolvency instead spooked Max Bahr's trade credit insurers, which pulled out of their contract, it was revealed in a press release. The insurers felt the company's suppliers were no longer sustainable.
The Local/jcw
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A subsidiary of Praktiker since 2007 when it was bought by the hardware giant, Max Bahr employed some 5,100 people. Bosses will register its insolvency at a Hamburg court, Der Spiegel news magazine said on Friday.
In recent years Max Bahr had been considered the safe arm of the ailing Praktiker kingdom and management hoped that the collapse of the parent firm would ultimately bring in more business for them.
But Praktiker's insolvency instead spooked Max Bahr's trade credit insurers, which pulled out of their contract, it was revealed in a press release. The insurers felt the company's suppliers were no longer sustainable.
The Local/jcw
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