Local bookstore chain Diverta files for insolvency
Romanian businessman Octavian Radu, the owner of Diverta bookstore chain, has asked for the chain's insolvency so as to reorganize its activity. The bookshop chain has accumulated EUR 10 million in debt, which is the main reason for the insolvency situation. Casa de Insolventa Transilvania will be the judiciary administrator for Diverta. The Diverta chain posted revenues of EUR 30 million last year, down 37 percent on 2008. Its EBITDA was of minus EUR 600,000. Diverta has EUR 8.5 million of bank loans, half of it being loans for investments. The Diverta bookstore chain runs 62 stores in Romania.
Diverta is part of RTC group, which runs businesses on the restaurants and coffee shops market and the energy segment, among others.
Read more about the insolvency process in Romania in this article here.