Baumax’s spokeswoman Monica Gruber Vogl has revealed the DIY is not considering insolvency as a way out of its current difficulties. She says the company recently put on sale an art collection of nearly 7,000 works, which intends to sell to the Austrian state for €86m. According to Vogl, the funds raised from this sale would facilitate a recovery plan aimed at putting the company back on track. This plan involves closing subsidiaries in Turkey, Bulgaria, Romania and Croatia, though no final decision has been taken in this regard. In 2012, the company’s losses doubled year-on-year to €126m. The bank creditors have given the company until September 2016 to review its options.
