James Pascoe buys REDgroup's Whitcoulls, Borders NZ

Published: Thu 26 May 2011 04:51 PM
REDgroup administrator sells Whitcoulls, Borders NZ to Pascoe
May 26 (BusinessDesk) - The administrator of Australia bookseller REDgroup Retail has agreed to sell the ailing company's Whitcoulls and Borders New Zealand businesses for an undisclosed sum to James Pascoe Group, owner of the Farmers stores.
The two book chains - 57 Whitcoulls stores and five Borders stores, will be sold to Pascoe's Project Mark, said the administrator, Ferrier Hodgson partner Steve Sherman, in a statement.
REDgroup called in voluntary administrators in the face of shifting consumer shopping preferences, which has seen sales from bricks and mortar stores siphoned away by online rivals. The sale shows there's still demand for recognised brands, Sherman said.
Voluntary administration had played a key role in saving the businesses "by providing a stable environment to restructure the assets and provide the opportunity for a sale," Sherman said.
“The sale guarantees the future of the majority of stores and has preserved more than 900 jobs," he said. Pascoe Group "is known for reviving businesses and has a strong record of investment in their stores, stock and people."
Closely held Pascoes' retail brands include Pascoes, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote.
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team provides a daily news feed for a serious business audience.
Contact BusinessDesk

Next in Business, Science, and Tech

Media reports regarding possible transaction to acquire Stuff
Plan of action to protect seabirds
By: New Zealand Government
Fairer rules for tenants and landlords
By: New Zealand Government
Official Cash Rate unchanged at 1 percent
By: Reserve Bank
Avocados at lowest price in almost three years
By: Statistics New Zealand
Endangered seabirds need strong fishing rules
By: Forest And Bird
Call for zero bycatch, 2016 a bad year for seabirds
By: Forest and Bird
REINZ welcomes banning of rental bidding with RTA proposals
Landlords will not be able to protect neighbours
By: NZ Property Investors Federation
Proposed changes to tenancy rights are trickle down
By: Manawatu Tenants' Union
Reserve Bank predicts further economic slowdown
By: New Zealand National Party
Reserve Bank gets it right by keeping OCR steady
By: ACT New Zealand
XE Data Update - RBNZ Official Cash Rate decision
By: XE Money Transfer
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media