New Zealand Bookstore Business For Sale

New Zealand Bookstore Business For Sale

11 March 2011

The Administrators of REDgroup Retail – owners of New Zealand’s biggest book retailing chains, Whitcoulls, Borders New Zealand and Bennetts – confirmed today they are seeking expressions of interest for those businesses.

Advertisements calling for interested parties to come forward will begin appearing in newspapers in New Zealand and overseas tomorrow.

Expressions of interest have been called for: Whitcoulls (74 stores); Bennetts (nine stores); Borders (five stores). Mr Steve Sherman, Ferrier Hodgson partner and Administrator of REDgroup Retail, the owner of the book retailing businesses, said the sales campaign will enable the Administrators to examine what options may be available for creditors. He said there have already been a number of unsolicited approaches regarding the New Zealand business.

“These brands are so well known in New Zealand, it should come as no surprise a number of parties have come forward interested to know more,” Mr Sherman said. “The Expression of Interest process will establish a more formal framework for us to manage that interest.”

Mr Sherman said that over the next week the sales campaign will help the Administrators develop a better understanding of the level of market interest in the book retailing businesses. “To some degree this is about testing the waters and potentially establishing the market value of the business,” he said. “But it will also allow us to develop a well-informed opinion about the best course of action for creditors.”

ENDS

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