GERMANY
Reuters
Jan 10 (Reuters) – Roman Catholic Church-owned bookseller Weltbild, which competes with online retailer Amazon.com in Germany, filed for insolvency on Friday after its sales shrank and it unexpectedly found itself unable to obtain fresh financing.
Unlisted Weltbild, which has 6,800 employees, has been posting losses as it invests in a shift to more internet-based business.
The company, which relies on catalogue sales and is part owner of Germany’s second biggest brick-and-mortar bookstore chain, has struggled to keep up with Amazon and its sales fell in the second half of 2013.
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