FRANKFURT, Nov 15 (Reuters) - Insolvent German home improvement store chain Max Bahr has moved closer to liquidation with the breakdown of talks to sell the retailer to rival Hellweg, three people familiar with the transaction said on Friday.
Max Bahr’s parent, Praktiker, has already entered liquidation and is being sold off piecemeal after the administrator failed to find a buyer for the whole group.
The Max Bahr negotiations were at an advanced stage but failed over concerns from Royal Bank of Scotland, which owns 66 of the chain’s 73 buildings, that Hellweg may not have a viable business plan for the acquired group, the sources said.
Hellweg had teamed up with former Max Bahr chief Dirk Moehrle to make an offer of more than 100 million euros ($134 million), sources told Reuters last month. ($1 = 0.7430 euros) (Reporting by Alexander Huebner and Arno Schuetze; Editing by David Goodman)