Bertelsmann closes bookstores nationwide

Bertelsmann, the German media group, will close all its Chinese bookstores, underscoring the difficulties that booksellers are facing from fierce online competition and changing reading habits.

The group plans to close all 38 of its bookstore chains by the end of July, but said it will reinvest in the country.

"We have tried many efforts to avoid today's situation, but after a series of strategic evaluation, we have to make the hard decision," the company said in an announcement.