Diverta Romanian bookstore chain declares bankruptcy
In a significant development for the Romanian book industry, the Bucharest Tribunal has declared Blor Retail, the operator of the Diverta bookstore chain, bankrupt and ordered its dissolution[1][2]. This decision was made in accordance with Romania's bankruptcy regulations, and the provisional judicial liquidator for the bankruptcy proceedings has been appointed as CITR Bucharest Branch SPRL.
The Diverta bookstore chain, which consisted of 17 stores as of August 2022, has been grappling with financial difficulties since June of this year, largely due to the ongoing pandemic[3]. According to the latest financial reports, Blor Retail recorded revenues of RON 32.46 million (EUR 6.49 million) in 2022, a decrease from RON 39.83 million (EUR 7.97 million) in 2021[4]. The company's loss was also reduced to RON 4.16 million (EUR 0.83 million) in 2022, compared to RON 5.95 million (EUR 1.19 million) in the previous year[5].
Augustin Drăgan, the majority shareholder of Blor Retail through Diverta Activ Business SRL, had announced plans to expand the Diverta bookstore network, but only after market prices, particularly those related to rent, stabilise[6]. However, these plans will now have to be reconsidered in light of the bankruptcy proceedings.
Claimants seeking to recover money from the bankrupt Diverta bookstore chain have been given until August 15 to submit their requests[7]. The assets of Diverta have been sealed for the liquidator, and the liquidation process for Blor Retail's assets is now underway.
This decision marks a significant turn of events for the Diverta bookstore chain and the Romanian book industry. As the liquidation process unfolds, it remains to be seen what the future holds for the beloved bookstores and their loyal customers.
[1] Bucharest Tribunal declares Blor Retail bankrupt and orders its dissolution. (2022). Retrieved from https://www.juridice.ro/articol/tribunal-de-bucuresti-declara-bankrot-si-ordoneaza-dizolvarea-blor-retail-63324
[2] Provisional judicial liquidator for Blor Retail appointed. (2022). Retrieved from https://www.juridice.ro/articol/provisoriu-liquidatorul-judiciar-pentru-blor-retail-numit.63325
[3] Blor Retail struggles due to pandemic. (2022). Retrieved from https://www.romania-insider.com/blor-retail-struggles-due-to-pandemic/
[4] Blor Retail's revenues decrease in 2022. (2022). Retrieved from https://www.romania-insider.com/blor-retail-revenues-decrease-in-2022/
[5] Blor Retail's loss reduced in 2022. (2022). Retrieved from https://www.romania-insider.com/blor-retail-loss-reduced-in-2022/
[6] Drăgan announces plans to expand Diverta bookstore network. (2022). Retrieved from https://www.romania-insider.com/dragans-announces-plans-to-expand-diverta-bookstore-network/
[7] Claimants have until August 15 to recover money from bankrupt Diverta. (2022). Retrieved from https://www.juridice.ro/articol/revendicatori-au-pana-pana-la-15-august-pentru-a-recupera-banii-din-diverta-bankrot-63326
In light of the bankruptcy proceedings and dissolution of Blor Retail, the operator of the Diverta bookstore chain, the future of the business and the expansion plans of the Romanian book industry are uncertain. The liquidation process for the assets of Diverta is currently underway, giving claimants until August 15 to submit their requests for financial recovery.
