This week, the Bucharest Tribunal decided that Blor Retail, the company that operates the Diverta bookstore chain, fulfils the conditions for going bankrupt. The company had been struggling since June 2022, when it went insolvent due to the pandemic.
As per bankruptcy regulations, the court revoked the company’s right of administration and ordered its dissolution. It also sealed Diverta’s assets for the liquidator.
Claimants who need to recover money from the bankrupt bookstore chain must submit requests by August 15. The provisional judicial liquidator will be CITR Bucharest Branch SPRL, according to Profit.ro.
According to Termene.ro, the majority shareholder of Blor Retail is Diverta Activ Business SRL, headed by Augustin Drăgan. In August 2022, Drăgan stated that he had no plans to close any more stores and instead aimed to expand the network, which consisted of 17 bookstores at the time, but only after market prices stabilized, particularly those related to rent.
The latest publicly available financial data for Blor Retail are from 2022, when the business recorded revenues of RON 32.46 million (EUR 6.49 million), down from RON 39.83 million (EUR 7.97 million) in 2021, and a loss reduced to RON 4.16 million (EUR 0.83 million), compared to RON 5.95 million (EUR 1.19 million) in 2021.
(Photo source: Cristina Ionescu | Dreamstime.com)
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