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Bertelsmann Bookstores Retreat in China
Bertelsmann AG announced Friday that it will close its Chinese book club and halt Shanghai Bertelsmann Culture Industry Co Ltd's business in China.
Bertelsmann Members to Get Back Their Money
Bertelsmann AG, the German media group, has assured book club members in China that they would get back their money in their accounts through a postal remittance.
An Analysis of Bertelsmann's Shutdown
German media group Bertelsmann AG is shutting down its book club and stores in China, because its management models were unsuccessful in the country, a report in the China Press and Publishing Journal said.
About Bertelsmann
This company is so big, it takes up space on the bookshelf, the magazine stand, and on television. Bertelsmann is one of the world's leading media conglomerates with operations spanning publishing, TV, and music. It owns about 90% of RTL Group, Europe's #1 TV broadcaster with more than 40 channels operating in a dozen countries. Bertelsmann also owns Random House, the top trade book publisher in the US, as well as 75% of magazine publisher Gruner + Jahr. Sony BMG Music Entertainment, the #2 music company, is 50%-owned by Bertelsmann. (Sony Corporation owns the other 50%.) Carl Bertelsmann founded the company in 1835. His descendants, the Mohn family, and their Bertelsmann Stiftung foundation own the business.
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1995: Bertelsmann entered China
2001: Number of BOL members hit 1.5 Mln
2003: Beijing Bertelsmann 21st Century Books Chain Co Ltd. was founded
2004: Turnover of BOL in China reached 150 Mln yuan
2005: Got first book wholesale license for foreign investors
2006: Opened branches in French Supermarket Giant Carrefour
2008: Close Chinese book club
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