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)