Feb 17, 2011

Breaking News - Borders and Angus & Robertson enter administration

Colour me a bit surprised on this one.  I was aware that Borders in the US had filed a chapter 11 for bankruptcy but I thought that REDGroup Retail who own Borders Australia, Angus & Robertson and New Zealand's Whitcoulls were a different company or at least financially separate.

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.


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