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Germany's Obi to take over majority of BauMax sites -BWB
September 1, 2015 / 2:38 PM / 2 years ago

Germany's Obi to take over majority of BauMax sites -BWB

VIENNA, Sept 1 (Reuters) - German home-improvement chain Obi plans to take over two-thirds of the 105 sites of its struggling Austrian rival BauMax, Austria’s competition authority, BWB, said on Tuesday, adding Obi would take on the affected staff.

BauMax, which like other home-improvement chains in Europe has suffered from weak demand due to sagging housing markets and depressed economies, is implementing a restructuring plan agreed with its creditor banks. (Reporting By Alexandra Schwarz-Goerlich, writing by Shadia Nasralla, editing by Francois Murphy)

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