BauMax exits Hungary

Austrian home improvement center operator bauMax AG has announced its exit from Hungary. The decision, which follows "due consideration", was made due to difficult economic conditions in this country, the company’s management said on Wednesday. The 14 stores to be closed in Hungary could be taken over by an Austrian furniture giant.

The financial website portfolio.hu quotes a statement by Michael Hürter, Chairman of the Board of Directors at bauMax AG, that although they had every intention to stay in Hungary, they must focus all their energy on the other three countries and say goodbye to the Hungarian market, due to the difficult economic conditions in this country.

BauMax primarily offers building materials, wood, sanitary products and electricity installations, as well as tiles and gardening services. bauMax AG was founded in 1973 and is based in Klosterneuburg, Austria. It has been present in Hungary since 1992. Last autumn, it closed one of its Budapest stores and it will close all of its remaining 14 stores in Hungary by April. The sites will be taken over by Austrian furniture giant XXXLutz.