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Whitcoulls and Borders have been sold by parent company REDgroup retail for an undisclosed sum.
Three months ago Redgroup retail went into administration and the continued existence of the stores was threatened.
The 62 stores have now been bought by Anne and David Norman, who own the Farmers department stores a many Australasian jewellery stores.
Staff were informed of the sale today and were told closures would be avoided if possible.
However, at least six stores will be closing - three as a result of the Christchurch quake and three that weren't included in the sale. Around 25 jobs will be lost.
Ian Draper, the former managing director of Whitcoulls and then the REDgroup, would be appointed to run the business.
''Ian has been working with JPL during the due diligence phase of the process and has demonstrated both passion and zeal that we know will be welcomed back by the team at Whitcoulls and Borders,'' Norman said.
Ten Whitcoulls stores at New Zealand airports have been sold last month to travel retail specialist LS Travel Retail Pacific – they will be renamed as “Relay”.
REDgroup retail were roundly criticised by New Zealand’s literature community for the way they ran Whitcoulls.
The store had increasingly become a seller of gift cards and wrapping paper rather than books, and largely stocked cheap, but popular, mainstream titles.
New Zealand writers often complained there works were pushed to the back of the shelf.
The Normans own Pascoes, Stewart Dawsons, Prouds, Goldmark and Angus & Coote, plus Farmers - which they bought in 2003 - and Stevens homeware.
3 News
source: newshub archive
