EM&F sells subsidiaries

Retail group Empik Media & Fashion (EM&F) has a preliminary deal to sell two subsidiaries to Croatian Orbico for over PLN 80 million, the company reported. The value of the transaction selling Optimum Distribution Sp. z o.o. and Optimum Distribution CZ&SK amounted to PLN 32 million, but in line with the contract, Orbico will also pay off EM&F's debt totaling PLN 50 million. Recently, Empik signed a preliminary agreement with Cyprus' Bookzz Holdings Limited, which is one of EMF's shareholders, regarding the sale of Learning Systems Poland by Bookzz.