The Norman family's James Pascoe Ltd says its salvaged chain of Whitcoulls and Borders bookshops will honour all unexpired Whitcoulls gift cards and vouchers at full face value.

Um, wrong way, guys.

RedGroup Retail, the Australian owner of Whitcoulls and the local iteration of Borders, has today launched New Zealand's first e-book tablet and its major e-book download store.

The Commerce Commission has issued a warning to Borders that a pre-Christmas voucher promotion risked breaching the Fair Trading Act. 

In November and December 2009 Borders advertised a promotion with the headline offer “Receive $20 in vouchers for every $75 you spend at Borders until Christmas.”

The promotion was widely advertised in-store and online through an e-newsletter and on Borders’ website.

The owner of local bookselling chains Whitcoulls and Borders has doubled its half-yearly profit since the purchase of Borders in June.

REDgroup retail has seen its earnings before interest and tax increase by 101% to $22.1 million for the six months ending February 28, although this figure does not include one-off intergration costs of $3.9 million related to last year’s Borders purchase.

The local arm of the global bookselling outfit Borders is determined to stick with the brand, even if its US big brother goes under.

Borders is the second biggest bookseller in the US, but has been hit hard by the downturn in retailing seen across America, with its annual losses ballooning out to $184.7 million for the year ending January 31, compared to a $19.9 million loss the year before.