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Insolvent German bookseller Weltbild attracts possible buyers
February 3, 2014 / 11:58 AM / 4 years ago

Insolvent German bookseller Weltbild attracts possible buyers

MUNICH (Reuters) - Several possible investors have expressed their interest in German insolvent bookseller Weltbild, a spokesman for its insolvency administrator said.

It was not yet clear how many of them would decide to do due diligence of Weltbild, he said on Monday.

Weltbild, owned by the Roman Catholic Church, filed for insolvency last month after failing to keep up with competition from internet-based rivals such as Amazon.com (AMZN.O) and to obtain new financing.

Weltbild's insolvency administrator Arndt Geiwitz had held talks with two international media companies who may be interested in buying the group, German daily Sueddeutsche Zeitung reported on Monday, adding that they would need at least two months to complete due diligence.

The German state of Bavaria wants to help raise money so Weltbild can continue paying its employees. Weltbild has a total of 6,300 employees, 2,200 of which are based at its headquarters in the southern German city of Augsburg.

Reporting by Jens Hack; Writing by Maria Sheahan; Editing by Louise Heavens

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