13 Mar 2011

Whitcoulls, Borders advertised for sale

9:50 am on 13 March 2011

Moves to sell the country's largest book retailers step up a gear on Saturday, with advertisements appearing in newspapers in New Zealand and overseas.

Expressions of interest are being sought for 88 Whitcoulls, Bennetts and Borders stores.

Australian-based owners REDgroup put themselves into voluntary administration last month.

That resulted in the closure of 38 bookstores in Australia and the loss of 321 jobs, but no store closures are currently planned in New Zealand.

The administrators say they have received some unsolicited approaches already and the marketing campaign will allow them to test the waters and establish the value of the New Zealand stores.

They say it will also allow creditors to determine the best course of action.