July 11 - German DIY retailer Praktiker files for insolvency, sending its shares into freefall and sparking fears of heavy job losses after last-ditch talks with creditors failed. Sonia Legg reports.
67% is today's daily digit in Europe - the amount shares in Praktiker plunged during early trading. Last-ditch talks with creditors failed, forcing the German DIY retailer to file for insolvency. The company employs 20,000 workers and heavy job losses are now feared. Employees have offered to take pay cuts to help rescue the company - which is Germany's third largest DIY chain by sales. One larger rival, OBI, has said it might consider buying individual stores but has no interest in taking it over. Praktiker has been struggling since it ended a popular "20 percent off everything" promotion. It's not the only German retailer having a rough ride during the economic downturn. Consumers in Europe's biggest economy are known for saving rather than spending, particularly when times are hard.