1 Min Read
DUESSELDORF, Germany, March 16 (Reuters) - German books to perfumes retailer Douglas Holding will have to write down the value of its bookshop chain Thalia by about 130 million euros ($170 million), according to an internal memo by Thalia's management.
Some 40 million euros will be set aside to pay for restructuring of the chain, the memo seen by Reuters said, and a spokesman for Douglas said on Friday those figures were correct.
"Putting a company back on solid ground in times like these costs money," the memo said.
Douglas poured cold water on speculation on Thursday that it may look to sell Thalia, which is suffering increasing competition from online sellers such as Amazon, if a turnaround did not work.
Douglas is due to hold its annual shareholders' meeting on Wednesday.