"There is no such company here anymore," a person who answered the office phone of Knigomir (a 100% subsidiary of Top-Kniga, which managed stores of the same name) told Vedomosti. Until 2010, Top-Kniga was the largest book-selling chain in Russia, uniting more than 500 stores. But even during the crisis, the retailer's financial situation worsened, and in May 2011, the company was placed under observation. Knigomir was supposed to save the chain from closure: it became the guarantor for part of Top-Kniga's loans to the Siberian Bank of Sberbank of Russia, and the lease agreements for the surviving stores in the chain were re-registered in its name. In mid-February, Top-Kniga had 13 stores, of which five were owned, said the chain's bankruptcy trustee. But Knigomir failed to fulfill its role as savior: on February 21, 2012, the Arbitration Court of Novosibirsk Region declared the company bankrupt.

Now, at least two Top-Kniga stores in Novosibirsk and a store in Berdsk are now occupied by Hobby House, Vedomosti found out. The company sells art and hobby goods, with books accounting for about 30% of the entire range, its CEO Elena Rybakova told Vedomosti. Hobby House in Siberia has taken over 20 stores that previously belonged to Top-Kniga, including its key retail outlets in Novosibirsk, according to one of the minority shareholders of this company, the owner of the Book Look, Book'lya, and Pliny Elder bookstores, Mikhail Trifonov.

The lease agreements for the Top-Kniga stores have been re-registered to a new legal entity, Hobby House CJSC, says another Top-Kniga minority shareholder, Sergei Shchebetov.

According to SPARK-Interfax, Hobby House was registered in December 2011 at the same address as Top-Kniga. Its sole founder and owner is Alexey Matizen, and its director is Elena Rybakova.

Rybakova held the position of head of the department for managing the efficiency of Top-Kniga stores, and Matizen worked in the company's periodicals department, says Shchebetov. He and Trifonov are sure that the main owner of Top-Kniga, Georgy Lyamin, is behind the new company. Lyamin denies any connection with Hobby House. According to him, Top-Kniga stores are also trying to take over other chains, but Hobby House "turned out to be more successful than the others." Rybakova also denies any connection between Hobby House and Lyamin. Matizen could not be reached.

Creditors have no claims against Knigomir yet. The company is fulfilling its obligations to restructure Top-Kniga's debt, a representative of the Siberian Bank of Sberbank of Russia reported. (As of February 16, 2012, it amounted to about 400 million rubles.)

Previously, about 200 stores belonging to Top-Kniga were taken over by its largest creditor, the AST publishing house, and stores of the Bukva chain are opening in them, sources in AST and other book companies said. Trifonov also told Vedomosti that he was interested in the Knigomir premises.

Who will replace Top Book?