Praktiker’s sale of its Romanian branch was concluded on February 24 per the company’s press release. Search Chemicals, a Romanian company funded in 2003, bought the 27-store network that Praktiker had in Romania. The transaction will not affect Praktiker’s field of activity.
“Since opening the first Praktiker store in Romania, in 2002, we wanted to be close to our clients and we managed to build a powerful brand on the local market. That’s why we wanted the brand to maintain its integrity and the company should maintain its field of activity. So, the Praktiker story moves forward”, according to Michael Krahn, country manager Praktiker Romania.
Earlier in the day, Mediafax announced that Praktiker’s operations in Romania were bought by Turkish business man, Omer Susli. Susli is a shareholder at Search Chemicals.
German group Praktiker sold its operations in Romania, where it owns a 27 store networks with sales of EUR 142 million in 2012, to Turkish business man Omer Susli, active in construction, according to sources in the DIY market quoted by Mediafax.
The official announcement is set to be made very soon, most likely on Tuesday.
Omer Susli is the former president of the Turkish Businessmen Association in Romania (TIAD) and is also a shareholder at a distribution firm for construction supplies. The deal was completed on monday and it gives Susli the right to use the Praktiker brand.
The German group has been struggling in the last few years and at the end of 2011 announced it will close stores in Germany and leave the Albanian market. A week ago, Praktiker sold its operations in Ukraine where it managed four stores.
In 2013, Maseltov, the biggest Praktiker shareholder, announced it wants the retailer to leave Eastern Europe. Afterwards, Praktiker said it will not drop important branches, like the one in Romania. Last year, Praktiker AG, the mother company for the german group, entered insolvency.