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Home / Business / Economy

Borders and Whitcoulls put under administration

NZPA
17 Feb, 2011 07:23 AMQuick Read

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Whitcoulls retail shop on the corners of Queen and Victoria Street Auckland. Photo / Greg Bowker

Whitcoulls retail shop on the corners of Queen and Victoria Street Auckland. Photo / Greg Bowker

Book chains Borders and Whitcoulls have been put under administration in Australia and New Zealand.

Australian parent company REDgroup Retail, which manages operations in both countries, this afternoon called in voluntary administrators to the business, The Melbourne Age reported.

The jobs of up to 2500 staff are now in doubt,
the newspaper said.

REDGroup is controlled by private equity group PEP.

Ferrier Hodgson partners have been appointed voluntary administrators of the group.

Partner Steve Sherman said as far as possible it would be business as usual while the administrators conducted an urgent assessment of the business's financial status, according to a statement.

The separate US-owned Borders chain also collapsed this week but is not linked to the Australian chain.

New Zealand's Whitcoulls chain comprises of 65 stores, 40 of which are located in Auckland, Wellington and Christchurch, according to its website.

It was first established as Whitcombe and Tombs in 1888 and Coulls Somerville Wilkie in 1871.

- NZPA

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Opinion

Are bookstores a dying concept?

17 Feb 09:17 PM
Small Business

Poor success rate for voluntary administration, says insolvency specialist

17 Feb 11:00 PM
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