Metro AG takes 30 mln eur hit from Praktiker insolvency

FRANKFURT Thu Aug 1, 2013 3:52am EDT

FRANKFURT Aug 1 (Reuters) - German retailer Metro said the insolvency of former subsidiary Praktiker had hurt it to the tune of over 30 million euros ($39.84 million).

"That comes from our role as both a tenant and service provider," Chief Executive Olaf Koch said on Thursday after the group earlier reported second-quarter results.

Metro acts as the landlord for 40 Praktiker stores in Germany. ($1 = 0.7531 euros) (Reporting by Victoria Bryan; Editing by Christoph Steitz)

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