Canadian takeover of Praktiker Greece

Fairfax Financial Holdings, a Canadian investment company, is taking over the Greek subsidiary of the insolvent German Praktiker Group. Praktiker Hellas is the group’s biggest foreign company in terms of sales, with the latest 12-month result amounting to € 195 mio. In Greece Praktiker is represented on 14 locations and employs a workforce of 1 100. Fairfax is taking over all the locations and all the employees. The investors have also declared their intention of carrying on the company under the Praktiker brand name. As insolvency administrator Christopher Seagon describes the scenario: “The range of products available from Praktiker in Greece is considerably broader than it used to be in Germany.” It carries household and electrical lines such as washing machines and televisions, in addition to typical DIY articles. Prem Watsa, chairman and CEO of Fairfax, is “convinced that, under the leadership of Jannis Selalmazidis’ team, Praktiker Greece is one of the best-managed companies in this market.” Praktiker Hellas Athen is the sixth foreign company belonging to the insolvent DIY retailer to have been passed on to an investor.