Read more from the ABC:
A day after US book store Borders collapsed, local chains Borders, Angus & Robertson and the Whitcoulls group of newsagencies in New Zealand have been placed into administration by owners REDgroup Retail.
It is understood the board had serious concerns about the solvency of the company and was forced to call in administrators Ferrier Hodgson this afternoon.
The ABC also understands that a combination of the high Australian dollar, cheap books online, high wages and rents, as well as the retail downturn led to the company's decline.
