March 31 (SeeNews) - Troubled Austrian DIY store operator Baumax AG may close its loss-making units in Eastern Europe as part of a new restructuring concept meant to put the firm back on track, a company spokeswoman told Austrian daily Die Presse.
The revamp may lead to the closure of Baumax's subsidiaries in Croatia, Bulgaria, Romania, Slovenia and Turkey as the company is struggling to reduce its debts of 1.0 billion euro ($1.4 billion), Monika Voglgruber told Die Presse on Friday.
The restructuring plan will be ready before a meeting of the company's creditor banks, which is scheduled for the end of April or the beginning of May.
Founding family Essl, which has control over the company, will not seek an investor during the reorganisation period, Voglgruber was quoted as saying.
($ = 0.7262 euro)