Austrian DIY Chain bauMax Sells Bulgarian Stores to Haedus JSC

Austrian do-it-yourself chain bauMax has sold its Bulgarian unit comprising eight stores to local investor Haedus JSC.

"We are pleased that we have found a good solution for Bulgaria with respect to our employees, customers and suppliers and we continue to work intensively to successfully implement the restructuring program in cooperation with the banks by 2016" said bauMax CEO Michael Huerter in a media statement.

The measure is part of the company's efforts to return to growth.

The company refrains from disclosing the price of the deal, which is yet to be approved by Bulgaria's competition authority.

The transaction is to take place in the form of a "share deal."

bauMax sold its business in Romania in July. In April, the Austrian DIY chain of stores announced it would sell its seven stores in Turkey.

bauMax is implementing a restructuring plan and intends to concentrate on Austria, the Czech Republic, Slovakia, Hungary and Slovenia, according to Austrian media outlets.