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Algoritam facing bankruptcy, minister promises steps to help bookshops

Author: Marija Šestan

ZAGREB, May 11 (Hina) - The bank account of Algoritam, a major publishing company which has a chain of 31 bookshops, was blocked on Monday due to overdue liabilities in the amount of some HRK 30 million. Receivership is one of the options for this publisher and Culture Minister Nina Obuljen Korzinek on Thursday promised a set of measures to help the publishing industry and bookshops.

The head of the association of publishing companies within the Croatian Chamber of Commerce (HGK), Miso Nejasmic, said today that negotiations were under way with other owners of bookshops on whether they could take over some of the 31 Algoritam shops throughout Croatia.

"We are trying to salvage the bookshop infrastructure and have called on our members to take over those shops," Nejasmic said.

Our focus is also on 260 employees in the Algoritam MK bookshops, he said, adding that he expected the outcome of the negotiations already on Thursday.

Commenting on the issue of Algoritam, Minister Obuljen Korzinek said this morning that the bookshop network had been faced with problems for years.

Concerning Algoritam, we are in touch with the publishers' association within the HGK, and I believe that we will find an appropriate way to preserve Croatia's bookshop network, she said.

In that context, she underscored the importance of finding structural solutions and announced talks with local self-government units about subsidies to small bookshops in the form of free office space or other incentives.

She also announced steps aimed at raising interest in reading.

Algoritam MK owner Neven Anticevic confirmed on Thursday that intensive consultations were in progress but admitted that no solution was in the offing.

(Hina) ms

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