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)