German Chain Praktiker Files for Insolvency, Targets Restructuring

Praktiker AG, a German home-improvement chain formerly owned by Metro AG, will file for insolvency on Thursday.

The move comes after the sale of a division collapsed, potentially putting thousands of workers out of their jobs.

"The application for the insolvency proceedings has been undertaken with the aim of setting up a restructuring plan," the company said in a statement.

Praktiker will seek protection from creditors for the holding company and some German parts of the group, Harald Guenter, a spokesman for the retailer, said Thursday, according to Kathimerini.

Praktiker operates a total of 340 stores in nine countries, including nine stores in Bulgaria.

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