Whitcoulls stores 'safe from closure'
Whitcoulls stores in New Zealand are safe from closure, its Australian parent company's administrator says.
Whitcoulls stores in New Zealand are safe from closure, its Australian parent company's administrator says.
Book chains Borders, Whitcoulls and Angus & Robertson, owned by REDgroup Retail, are under voluntary administration in Australia and New Zealand.
Administrators yesterday said 12 Angus & Robertson bookstores in Australia would close as part of restructuring.
The closures meant 102 staff would be made redundant - 31 permanent full-time and part-time and 71 casual staff.
Administrator Steve Sherman said the Australian store closures were the next stage in a restructuring of the business and would allow the business to focus on the more profitable stores.
Four staff employed at the New Zealand support office were made redundant yesterday but there would be no changes at store level, he said.
The closure of the Whitcoulls' Karangahape Road store was planned before the appointment of administrators in April, he said. However, all staff from the Karangahape Road store would be offered other jobs within the business.
Mr Sherman said the sale of the New Zealand business was continuing to progress and he expected to have a clearer view of the business' prospects after the closure of final binding bids at the end of April.
New Zealand's Whitcoulls chain comprises 65 stores, 40 of which are located in Auckland, Wellington and Christchurch, according to its website.
REDgroup is controlled by private equity group PEP.
NZPA
Fri, 01 Apr 2011
Fri, 01 Apr 2011
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Whitcoulls stores 'safe from closure'
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