ProCures buys Selexyz bookshops

ProCures buys Selexyz bookshops

Dutch investment company ProCures has bought all 16 branches of upmarket book chain Selexyz.

The move comes just days after the holding company filed for bankruptcy, having amassed debts of close to €18m (£15m). ProCures reportedly paid €3.5m (£2.9m) for the shops whose last known turnover was €95m (£78m) in 2010.

ProCures is planning to merge Selexyz and De Slegte, a second-hand bookseller in which it already has a share, over the next 18 months under the roof of a new holding. ProCures will control 60% of the shares, the De Slegte family 40%.

While all 16 Selexyz shops will remain open, among them iconic places like Donner in Rotterdam, 140 of 540 jobs at Selexyz will be axed, according to ProCures co-founder Paul Dumas.