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The insolvent online bookseller Weltbild has decided to definitively cease operations at the end of August. The interim insolvency administrator, Christian Plail, announced that the company's 14 branches were still conducting clearance sales and would then close. Online purchases would continue to be delivered until the end of the month. The 440 employees are expected to receive their dismissals in September.
The company filed for insolvency at the Augsburg district court in June. Plail stated: "A sustainable and long-term continuation of operations is not possible without fresh capital due to the ongoing loss situation." The IT and marketing costs and the time required were too high to continue the company profitably.
No investors found
Investors were not willing to take over the company's operations, even in a limited scope, given the necessary investments and costs in an already competitive market. However, there is interest in the brand rights and inventory. These discussions are ongoing.
Weltbild emerged from the Catholic Church's namesake company. Ten years ago, the then publishing group Weltbild slid into insolvency in Augsburg.
Despite the interest in Weltbild's brand rights and inventory, the physical branches, including 'The book'-filled outlets, will cease operations after August's clearance sales, leading to uncertain employment prospects for the 440 employees.
Regrettably, even with potential interest in the company's assets, the lack of investors willing to invest in Weltbild's operations has resulted in the untimely end for 'The book' sales through the company's online platform.
