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Investors in sectors like banking may be clamoring to grab a slice of the rapidly growing Turkish economy, but German do-it-yourself chain Praktiker is shutting up shop and withdrawing from the country, it announced on February 11.
After failing to offload the nine stores it operates in Turkey, the company said that local unit Praktiker Yapi Marketleri has filed an application for managed insolvency proceedings.
"We cannot afford a persistent loss-maker like Turkey. We made intensive efforts to sell our Turkish subsidiary but could not reach an agreement that was economically acceptable for us. That is why we now have to take this route to end this loss-making commitment in the interest of securing the continued existence of the Group as a whole," said CEO Armin Burger in a statement.
Assuming the court accepts the application, the store portfolio is to be divested wholly or in part to a third party according to a restructuring plan, and the inventories are to be sold off. The management of Praktiker's Turkish subsidiary will implement the plan under state supervision.
"In the course of the winding down of business, Praktiker in Turkey will try to find the best possible individual solutions for suppliers and lessors and seek to avoid job losses for the employees wherever possible, or handle them in a socially acceptable way," the statement promised.
Germany's biggest DIY store operator entered the Turkish market in 1997, building its chain to total 10 outlets in cities including Istanbul, Ankara, Izmir, and Adana.
Burger insists that Praktiker should manage to improve profitability in all other countries in which it runs stores by adjusting structures and processes and by further curbing costs.
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