Purchased by Cultura Bookstore at the end of 2017 for an undisclosed amount, Virtual Bookshelf should change hands soon. This is because the General Meeting of Creditors of Grupo Cultura approved the sale of tallow online for R $ 44 million. The decision is considered essential to the company’s recovery plan.
Estante Virtual was purchased as part of Livraria Cultura’s expansion strategy. But, at the time, the deal caused some surprise in the market because the group was already facing serious financial problems.
Since then, there has been no improvement: Livraria Cultura plunged into a deep crisis. In October 2018, the company filed for bankruptcy. The group’s debt is estimated at R $ 285 million, with most of this amount involving banks and suppliers.
The judicial reorganization plan was approved in April this year. The decision to sell Estante Virtual is related to this process. In the minutes of the meeting sent to the courts, the company states that, in view of the Brazilian economic crisis and its need to generate cash, it needs to sell business units “that are not, at this moment, of strategic importance for the operation”.
As already informed, the approved value for the sale of tallow online is R $ 44 million. The creditors’ meeting also approved the sale of tax credits in the order of R $ 32 million.
Created in 2005, Estante Virtual has more than 5 million registered customers and, last year, reached the mark of 20 million books sold.
With information: Estadão.