Final nail in coffin for Max Bahr hardware
The Local · 26 Jul 2013, 10:09
Published: 26 Jul 2013 10:09 GMT+02:00
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A subsidiary of Praktiker since 2007 when it was bought by the hardware giant, Max Bahr employed some 5,100 people. Bosses will register its insolvency at a Hamburg court, Der Spiegel news magazine said on Friday.
In recent years Max Bahr had been considered the safe arm of the ailing Praktiker kingdom and management hoped that the collapse of the parent firm would ultimately bring in more business for them.
But Praktiker's insolvency instead spooked Max Bahr's trade credit insurers, which pulled out of their contract, it was revealed in a press release. The insurers felt the company's suppliers were no longer sustainable.