Administrators have announced the sale of two REDgroup owned Angus & Robertson stores, with one still in negotiation and 16 others to close.
The stores in Harbourtown and Carindale Queensland will operate under different owners and names. Remaining stores will close by the end of July impacting 174 jobs, all employee entitlements will be paid in full.
A further eight staff members from REDgroup’s headquarters were made redundant last week.
REDgroup went into voluntary administration on February 17 this year. Since this time Ferrier Hodgson has announced the closure of 140 stores and the axing of 2,064 jobs.
Franchisee owned Angus & Robertson stores remain unaffected and continue to operate independently.
It comes as Ferrier Hodgson also revealed a buyer has been found for the online arm of Angus & Robertson and Borders.
Pearson Australia Group has purchased the business and made a deal with eBook retailer Kobo to give customers continued access to eBooks bought through REDgroup websites.
The sale means 16 jobs have been saved.
“I am pleased we have been able to save these jobs and preserve the online business which has a significant profile within Australian book retailing,” Ferrier Hodgson partner Steve Sherman says.
Pearson Australia Group is part of an international media company. Its local businesses include Penguin Group (Australia), Pearson Australia, The Learning Ladder and United Book Distributors.