More REDgroup bookstores to close

Published on Mon, 04/04/2011, 11:00:14

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A further 12 Angus & Robertson stores are expected to close, the administrators of REDgroup Retail said.

The closures will result in 102 staff being made redundant. It will leave 179 REDgroup outlets, with 92 in Australia: 25 Borders and 67 Angus & Robertson stores.

Administrator Steve Sherman said the closures were the next stage in the restructuring of the business and will allow the business to focus on the more profitable stores.

“These are difficult decisions, but necessary if there is to be any chance of the business surviving,” he said. “The future of this business relies on our ability to create a sustainable business and by removing these marginal stores we will be moving towards a much more profitable footprint.”

The closures will not affect the Angus & Robertson franchise stores, which are not in administration and are continuing to operate financially independently of REDgroup. Borders Online and Angus & Robertson Online are not affected by this restructure.

Meanwhile, 87 stores in New Zealand will continue operations with the administrators advising that there are no New Zealand store closures currently envisaged as part of the second phase of the Australian restructure.


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