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Insolvent DIY Chain BauMax Ended Its Operations

Published: October 30, 2015; 19:00 · (FriedlNews)

Insolvent DIY chain BauMax ended its operations completely on Friday with many stores sold to Obi of Germany. Seven stores did not attract a buyer. Some 700 employees in total are at risk of losing their jobs.

Insolvent DIY Chain BauMax Ended Its Operations / Picture: © Baumax AG

The creditors of the troubled DIY chain BauMax will write down about EUR 400 million (USD 446.5 million) and thus will abate about 40 percent of debts.

This way banks will pave the way for the division of the DIY chain and the takeover of more than 2/3 of shops by the German chain Obi.