Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

James Pascoe buys REDgroup's Whitcoulls, Borders NZ

REDgroup administrator sells Whitcoulls, Borders NZ to Pascoe

May 26 (BusinessDesk) - The administrator of Australia bookseller REDgroup Retail has agreed to sell the ailing company's Whitcoulls and Borders New Zealand businesses for an undisclosed sum to James Pascoe Group, owner of the Farmers stores.

The two book chains - 57 Whitcoulls stores and five Borders stores, will be sold to Pascoe's Project Mark, said the administrator, Ferrier Hodgson partner Steve Sherman, in a statement.

REDgroup called in voluntary administrators in the face of shifting consumer shopping preferences, which has seen sales from bricks and mortar stores siphoned away by online rivals. The sale shows there's still demand for recognised brands, Sherman said.

Voluntary administration had played a key role in saving the businesses "by providing a stable environment to restructure the assets and provide the opportunity for a sale," Sherman said.

“The sale guarantees the future of the majority of stores and has preserved more than 900 jobs," he said. Pascoe Group "is known for reviving businesses and has a strong record of investment in their stores, stock and people."

Closely held Pascoes' retail brands include Pascoes, Farmers, Stewart Dawsons, Goldmark, Stevens, Prouds and Angus & Coote.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Up 0.5% In June Quarter: Services Lead GDP Growth

“Service industries, which represent about two-thirds of the economy, were the main contributor to GDP growth in the quarter, rising 0.7 percent off the back of a subdued result in the March 2019 quarter.” More>>

ALSO:

Pickers: Letter To Immigration Minister From Early Harvesting Growers

A group of horticultural growers are frustrated by many months of inaction by the Minister who has failed to announce additional immigrant workers from overseas will be allowed into New Zealand to assist with harvesting early stage crops such as asparagus and strawberries. More>>

ALSO:

Non-Giant Fossil Disoveries: Scientists Discover One Of World’s Oldest Bird Species

At 62 million-years-old, the newly-discovered Protodontopteryx ruthae, is one of the oldest named bird species in the world. It lived in New Zealand soon after the dinosaurs died out. More>>

Rural Employers Keen, Migrants Iffy: Employment Visa Changes Announced

“We are committed to ensuring that businesses are able to get the workers they need to fill critical skills shortages, while encouraging employers and regions to work together on long term workforce planning including supporting New Zealanders with the training they need to fill the gaps,” says Iain Lees-Galloway. More>>

ALSO:

Marsden Pipeline Rupture: Report Calls For Supply Improvements, Backs Digger Blame

The report makes several recommendations on how the sector can better prevent, prepare for, respond to, and recover from an incident. In particular, we consider it essential that government and industry work together to put in place and regularly practise sector-wide response plans, to improve the response to any future incident… More>>

ALSO: