German DIY store operator Hellweg and its subsidiary sales division, Baywa Bau & Garten, have applied to the Essen Local Court for insolvency proceedings under self-administration. The court has granted both applications. The company has announced that the management will retain full authority to act and issue instructions. There are two separate proceedings: one involving Baywa Bau- & Gartenmärkte GmbH & Co. KG and one involving Hellweg Die Profi-Bau- & Gartenmärkte GmbH & Co. KG.
After the insolvency applications had been filed, Markant – to which Hellweg is affiliated – informed the company’s suppliers that morning that, as of today, the DIY store operator is no longer covered by its trade credit insurance. Markant’s credit…