Insolvent book wholesaler KNV goes to logistics company Zeitfracht

The book wholesaler KNV is insolvent. It is being sold to the logistics company Zeitfracht. All locations and jobs are to be retained.

From: Handelsblatt.com
From: 26.06.2019

Stuttgart: The insolvent book and media wholesaler Koch, Neff & Volckmar (KNV Group) is being sold to the logistics company Zeitfracht. This was announced by KNV insolvency administrator Tobias Wahl on Wednesday in Stuttgart. The purchase price was not disclosed. All locations and the 1,600 jobs are to be retained.

KNV is the largest German book and media wholesaler and filed for insolvency on February 14 due to over-indebtedness.

There were several interested parties for the company. Wahl said: "The pooling of expertise and the use of the respective strengths of both sides will result in considerable synergies." Zeitfracht is a family business based in Berlin. The medium-sized company has over 1800 employees. Last year's turnover amounted to over 350 million euros. Most recently, Zeitfracht took over the aviation company Walter (LGW) from Eurowings in February. The truck freight forwarder entered the aviation sector in 2017.

Zeitfracht manager Frank Schulze said that the aim was to further develop KNV's entire business. In addition, the acquisition of the KNV Group would considerably strengthen the Zeitfracht Group's logistics division. For example, the Zeitfracht Group will make greater use of one of the largest and most modern logistics centers in Europe in Erfurt.

KNV acts as a link between publishers and bookshops. The retailer always has around 590,000 available titles from more than 5000 publishers in stock at its central warehouse in Erfurt. According to the company's website, it supplies a total of 5,600 bookstores, 4,200 of which are in Germany, 800 in Austria and Switzerland and 600 bookstores in other countries.

The German Publishers and Booksellers Association welcomed the solution found. "Now action must follow: It is crucial for the book industry that the important logistics services that KNV provides for publishers and bookstores are secured in the long term," said Managing Director Alexander Skipis.
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Book and media wholesaler KNV
KNV is the largest German book and media wholesaler and filed for insolvency on February 14 due to over-indebtedness.
(Photo: dpa)