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Magyar Könyvklub goes into liquidation

Magyar Könyvklub Rt, a former unit of the mail order book business of Germany's Bertelsmann, has gone into liquidation, business daily Napi Gazdaság reported on Monday.

The company has debts to suppliers, loans and back taxes of some Ft 1 billion, Magyar Könyvklub president-CEO István Hegedűs told the paper. He noted, however, that the company has operated profitably since the middle of 2005, when Switzerland's V&R Holding pulled out of the company after injecting Ft 500 million into it. Magyar Könyvklub's bailiff has allowed the company to continue operating during the liquidation as long as it remains profitable.
Bertelsmann set up Magyar Könyvklub in 1992.