Germany: Bookseller Weltbild files for insolvency

Sales fell in 2013; additional financing not secured.

Weltbild is part-owner of a bricks and mortar bookshop chain and also competes with Amazon in online sales. 

Weltbild, which is owned by the Roman Catholic Church, has not been able to agree new financing.

The insolvency filing only affects the company’s German online sales business.

Amazon has almost 75% of Germany’s online bookselling market.

Source: Reuters.