Romanian bookshop chain Librariile Alexandria, which entered insolvency last year, ended 2013 with a net profit of RON 148,000 (some EUR 33,000) and a turnover of some RON 16 million (EUR 3.6 million), according to a statement of the judiciary administrator Casa de Insolventa Transilvania.

In July 2013, when the bookshop chain operated by Sedcomlibris entered insolvency, it had losses of RON 150,000 (some EUR 34,000).

"The financial recovery of Sedcomlibris SA was based of management decisions that have relied on three categories of products predominantly purchased by clients in Librariile Alexandria: books (58 percent), office supplies (35 percent) and multimedia (4 percent),” reads the statement.

Sedcomlibris currently has 180 employees and it hasn't laid off anyone since the beginning of the insolvency procedures.

The company closed an unprofitable store, and negotiated lower rents in the rest of the shops, so that they turn to profit. Also, it opened two more stores in areas with more customers in Botosani and Suceava.

Librariile Alexandria currently runs 31 specialized stores in 10 Romanian counties, namely Suceava, Bacau, Iasi, Focsani, Buzau, Valcea, Sibiu, Arad, Mures and Hunedoara. Their total sales area amounts to over 11,000 sqm.

According to Casa de Insolventa Transilvania, the lack of cash and the high rents led to economic difficulties for the bookstore chain.

Irina Popescu, irina.popescu@romania-insider.com