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Bertelsmann closes China stores
Bertelsmann will close its 36 branded bookstores in 18 Chinese cities, all under its Beijing 21st Century Book chain, before the end of July, the latest step in Bertelsmann's revamp of its struggling Direct Group book business, reports Forbes.com.
Bertelsmann did not say whether it will take any action with respect to its relatively successful book club business in China, which has a 1.5 million-strong fee-paying membership, the nation's third-largest, and a valuable database profiling readers' buying habits. Neither did it say what would happen to its online book sale unit.
Employees will receive a layoff package amounting to five months' pay.
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