FRANKFURT Feb 11 German do-it-yourself chain Praktiker AG is closing its stores in Turkey and withdrawing from the country after failing to sell the nine stores its operates there.
The company, which is battling to return to profit, said on Monday its Turkish subsidiary filed for managed insolvency proceedings with an Istanbul court earlier in the day.
"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," Praktiker Chief Executive Armin Burger said in a statement.
He said the company should manage to improve profitability in all other countries in which it runs stores by adjusting structures and processes and by further curbing costs. (Reporting by Maria Sheahan; Editing by David Holmes)