Hammer, German home improvement chain, declares insolvency

A major German home improvement chain, Hammer, has filed for insolvency, impacting 180 stores and approximately 3,900 employees. The company cited economic difficulties as the reason for the filing. The insolvency filing was made by the parent company, Brüder Schlau GmbH & Co KG, in Bielefeld. Twelve Hammer stores are located in Mecklenburg-Vorpommern and twelve in Brandenburg, with all stores remaining open for now. Employee wages are secured through August. The insolvency administrator has not yet confirmed if store closures or layoffs will occur as part of the restructuring process.