A further 16 Borders bookstores will close under the third round of restructure, Ferrier Hodgson, the administrators of REDgroup Retail, said.

The closures, which will take place over the next eight weeks, will affect 510 staff. It will leave nine Borders stores in Australia.

But the administrators have confirmed that no New Zealand stores will close as part of the restructure.

Administrator Steve Sherman said that the remaining store footprint maximised the opportunities for either a sale or restructure of the business – both of these options are currently being examined.

“Through these progressive restructures we are moving the business towards a more sustainable model,” he said. “It is my hope that the resulting business is able to stand on its own two feet as well as being more attractive to any potential buyer.”

The restructure will leave 163 REDgroup outlets, including nine Borders and 67 Angus & Robertson stores in Australia as well as 87 stores in New Zealand, which has not been subject to any store closures.

Borders Online will also not be affected by this restructure.

Separate to this, Ferrier Hodgson said sold 10 bookstores located in New Zealand’s airport to Australia-based travel retail specialist LS Travel Retail Pacific.

These Whitcoulls stores are located in major airports at: Auckland, Wellington, Christchurch and Rotorua.

Sherman said LS Travel Retail Pacific are suitable buyers for the business.

“This is a very good match,” he said. “LS Travel Retail is a global leader in travel retailing and this provides it with an excellent footprint in a growing market. Importantly, this guarantees the future of these stores and has preserved more than 100 jobs.”