Bauhof Closes Lithuanian Stores as Subsidiary Teeters on Verge of Bankruptcy

Photo: Postimees/Scanpix
10/25/2013 12:54 PM
Category: Economy

Bauhof, Estonia's largest do-it-yourself construction chain, is shutting down all five of its locations in Lithuania.

The Lithuanian subsidiary of Bauhof (not to be confused with Bauhaus) has been suffering major financial losses and the company is in the process of restructuring, reported uudised.err.ee.

"We have carried losses totaling 19 million euros in Lithuania, so we must find a solution through which we won't lose any more money," said Bauhof Group CEO Mart Vau.

"The restructuring process is currently under way: we are tidying up our debts and amending our business model. Whether we plan to reopen a store or two as a result of this process will become clear over the next month. Negotiations are not easy in such a situation and will take some time," he said.

It is also not yet clear whether the Lithuanian subsidiary, UAB Bauhof LT, will manage to avoid bankruptcy.


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