The administrators sifting through the wreckage of the REDgroup red ink haven’t been shy in downsizing the bricks & mortar side of the business. The first major axings have just been announced and the old green brand of Angus & Robertson is bearing the brunt.
To the tune of a whopping 37 stores – out of a total of 169 Angus & Robertson stores. Yes – that brand is struggling (at least in physical shopfronts), it would seem.
Borders will also lose one store. The word is that all 38 stores will close “over the next three weeks”.
Ouch. And there’s no guarantee that that is the end of the bloodletting. Apparently Kiwi operations (Whitcoulls, Borders NZ) have escaped the axe. Good – it’s not like they need more heartache over there at the moment.
But in Oz administrators Ferrier Hodgson have therefore made 321 staff redundant: 102 permanent full-time or part-time employees and 219 casual employees.
The stores closures are in Victoria (15), New South Wales (11), Queensland (7), Western Australia (2), the ACT (2) and South Australia (1).
Via Jason Davis’ Book Bee site