Germany-based Praktiker Group has no plans for closures in Hungary, and instead intends to open some smaller, auxiliary units. In 2011, DIYcenter operator recorded HUF 30bn in net sales from its Hungarian unit, which includes 19 stores. The company achieved €1m in savings, but this was necessitate by a decline in demand. The parent company’s €7m capital injection stabilized the situation of the Hungarian subsidiary. Managing director of Praktiker, Karl-Heinz Keth said the decline is due to the government’s austerity measures, economic uncertainty and the financial crisis.
