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Diverta CEO: It became impossible for us to pay our suppliers

Diverta CEO: It became impossible for us to pay our suppliers
30.05.2010, 22:13 11

Diverta, a major book retailer, together with Humanitas andCarturesti bookstores, has ended up filing for insolvency thisyear, though in 2009 it cut the number of employees by 40%, wagesby 45% and renegotiated all the rents paid by stores in shoppingcentres. With debts to suppliers and shopping centres topping 10meuros and investment loans of 8.5m euros, Diverta bookstore chaincontrolled by businessman Octavian Radu is ready for reorganisationwith a view to paying its debts. "It was our only way out. Problemsstarted emerging in August 2008, the first month when the company'ssales stagnated, which we hadn't expected," stated Amalia Buliga,29, the new general manager of Diverta, who took the reins of theoperations last month. Diverta currently operates 62 storesdomestically with a total area of 24,000 square metres. "It becameimpossible for us to pay our suppliers. Those for whom we secured5-10% of total turnover understood the situation we were goingthrough, but smaller suppliers wanted to have our companieddeclared insolvent," Buliga says. "We're now trying to pile upcash, but I don't believe we will manage to start paying our debtsearlier than September, December (...)," the Diverta officialsaid.

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