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Business

Buch.de Closes In On Amazon

Online bookstore Buch.de looks set to become the second largest virtual bookstore in German-speaking countries just behind Amazon.

Buch.de is taking over the customer base of BOL, its main competitor, in Germany, Switzerland and Austria. BOL's parent company, media giant Bertelsmann, announced last month it was closing down loss-making BOL in Germany, laying off its staff of 50.

The Bertelsmann DirectGroup -- responsible for music, book and online sales -- said the cost-cutting measure was part of its restructuring effort. The takeover bid still needs to be approved by the Federal Cartel Office.