logo
Share SHARE
FONT-SIZE Plus   Neg

Praktiker Supervisory Board Approves Financing Plan

Germany-based home improvement retailer Praktiker Bau Und Heimwerkermaerkte Holding AG (PKKRF.PK)announced that its supervisory board has approved a financing concept for implementation of the restructuring program. An investor is offering a senior loan of 85 million euro to the company.

Under the new plan, it will convert a greater number of Praktiker stores to Max Bahr outlets. The financing concept involves fundamental changes of the restructuring program initiated in November 2011 and contains a considerable reduction of the overall financing volume, the company stated.

With the approval of this financing concept, the restructuring mission of Management Board members Thomas Fox and Josef Schultheis are leaving the company immediately, but will remain available as advisors.The long-time board member Kay Hafner has been appointed chairman, the company added.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chipotle Mexican Grill (CMG) is giving away free food and drinks this September as the restaurant chain still struggles to boost its sales that has been sluggish after outbreaks of E.coli, salmonella and norovirus at its restaurants. The chain is offering free kids meals every Sunday in September... It seems that Colonel Sanders' nephew unknowingly disclosed the secret blend of 11 herbs and spices behind KFC's fried chicken, which the food chain touts as the most heavily-guarder food recipe in the world. However, KFC executives refutes the report and insist that its 11-spice "Original Recipe"... QSR Brands, Malaysia's largest fast food operator, is planning for an initial public offering worth more than $400 million, according to the Wall Street Journal.
comments powered by Disqus
Follow RTT