REDgroup Retail, which also owns and operates Angus & Robertson and Whitcoulls in New Zealand, has appointed Ferrier Hodgson partners as voluntary administrators.
Ferrier Hodgson partner Steve Sherman said the retail outlets will continue to operate as normal.
“It would be business as usual while the Administrators conduct an urgent assessment of the business’s financial status and prepare for the first meeting of creditors,” he said in a statement.
Despite this, on the Borders website, it said, as part of the administration process, customers can redeem existing gift cards in store but need to spend double the value of the card.
“To redeem a gift card, you must spend at least twice the face value of the card (i.e. to redeem a gift card with a face value of $25, you must make a total purchase of $50 or more),” it said.
Between them, Angus & Robertson, Borders and Whitcoulls are Australia and New Zealand’s largest book retailers, with about 260 stores. Whitcoulls is New Zealand’s dominant book retailer.
The first meeting of creditors is likely to take place in the first week of March.