Uni bookshops sold off by Bennetts administrator
Eight bookstores sited at New Zealand universities have been sold by the administrator of their Australian owner.
Eight bookstores sited at New Zealand universities have been sold by the administrator of their Australian owner.
The administrators of REDgroup Retail, which owns Whitcoulls, Borders New Zealand and Bennetts stores, have been conducting a sale process and have shut some stores in Australia.
The administrators have agreed to sell the Bennetts business to a new company called Bennetts Bookstores Ltd, which is owned by a private investor, Geoff Spong, the former owner of New Zealand textbook retailer VOL.1 Bookshops.
Stores were sold at the Massey University campuses -- Palmerston North, Auckland and Wellington; Waikato University Hamilton; Waikato Polytechnic; Christchurch Polytechnic; and Manukau Polytechnic, as well as the Bennetts Government Bookshop over the road from Parliament in Wellington.
The sale price was kept confidential.
Administrator Steve Sherman said the Mr Spong was a "good match" to the business: "The Bennetts business will continue to serve the New Zealand universities market. Importantly, this guarantees the future of these stores and has preserved more than 30 jobs".
But a Bennett's site inside a Borders store will be closed, with the affected staff to be offered similar employment within the Whitcoulls network.
Earlier this month, the administrators sold the Whitcoulls stores Auckland, Wellington, Christchurch and Rotorua airports, to LS Travel Retail Pacific, a travel retail specialist, to be rebadged under the Relay brand.
The REDgroup business in New Zealand had 63 Whitcoulls, five Borders and nine Bennetts stores when it was put into administration, and it now has 62 Whitcoulls and 5 Borders stores left to sell.
Unsecured creditors in this country of Australian company Redgroup Retail, were owed $21.5 million when the company went into voluntary administration in February, the company's 1171 workers were entitled to $2.1 million.
NZPA
Mon, 02 May 2011
Mon, 02 May 2011
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Uni bookshops sold off by Bennetts administrator
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