Diverta bookstore chain closes down store in AFI Palace Cotroceni shopping center

Romanian bookstore chain Diverta has recently closed down its outlet in the AFI Palace Cotroceni shopping center in Bucharest. Diverta was closed soon after competitor Carturesti opened a bookstore in the shopping center.

Pro Express Retail, the company that manages the Diverta bookstores, went into insolvency last year. The company reported a turnover of EUR 21 million in 2010- 26 percent lower than the turnover reported in 2009- and losses of EUR 5.6 million. At the end of 2010 the company had 257 employees, around 300 less than in 2009. The bookstore chain is part of a group of companies owned by Romanian businessman Octavian Radu. Irina Popescu, irina.popescu@romania-insider.com (photo source: Diverta)