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QURIUS IN INNER CIRCLE; ON BLOCK

Dieter Grosse-Kreull, QuriusDays before it was named to the Dynamics Inner Circle, European VAR Qurius said it is looking for a safe haven. Its German managing director is getting run out of town and Dutch executives are being brought for a clean up. The weak European economy has the Microsoft Worldwide Partner of the Year for 2007 ready to take a goodwill impairment charge of about $17 million to nearly $20 million.
That goes on top of a negative EBIT of about $2.5 million before the impairment charge for the first half. Qurius management has declared that "Although in the past two years Qurius has substantially restructured and the first results are visible, the Board of the company considers the prospects in the market to be too uncertain to continue independently." Operations in Germany sound like a mess with Dieter Grosse-Kreul leaving the managing director's job. Officially "The reason is that the cooperation between Mr. Grosse-Kreul – who joined Qurius mid 2011 – and Qurius did not lead to the desired results," the company said in a prepared statement. Germany had a substantial decrease in new sales and a delay in a major project that resulted in disputes over payments for work already delivered. Qurius talked about the necessity of management intervention and it also talked to its largest shareholder, Prodware, a French Dynamics VAR. Previously, Qurius operations in Spain and Belgium were sold to Prodware and now talks are about the transfer of Qurius’ operating companies to Prodware. However, Qurius said later it is receiving inquiries from other companies.
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