Austria’s BauMax Sells Bulgaria Unit for Token EUR 1

bauMax Bulgaria, a unit of Austrian do-it-yourself chain bauMax, has been sold for EUR 1 to Bulgaria’s Haedus, money.bg reported on Friday.

According to Sofia-based Pressa daily, the buyer will also assume bauMax Bulgaria’s outstanding debt and will cover its 2013 loss of BGN 37 M (EUR 18.5 M), money.bg said.

bauMax Bulgaria’s debt to banks, which totalled BGN 55.6 M as of end-2013, had been reduced in the course of negotiations with Haedus but its current amount was not immediately known.

Haedus is majority owned by Peyo Nikolov, a Bulgarian businessman active in developing Carpetmax, a chain selling floor covers.  

bauMax said in October it has sold its Bulgarian unit comprising eight stores to Haedus without disclosing financial details of the deal.Themove was part of the company's efforts to return to growth.

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