Wednesday, 15 June 2011
REDgroup administration: 42 A&R stores to close
The administrators of REDgroup Retail Ferrier Hodgson have announced that 42 Angus & Robertson (A&R) stores will close down.
The stores to close are:
New South Wales:
- Penrith Plaza
- Chatswood Chase
- Maitland Greenhills
- Salamander Bay.
- Burleigh Heads
- Cairns Central
- Cannon Hill
- Mt Ommaney
- PO Square
- Rockhampton Fitzroy
- Townsville Nathan
- Tee Tree Plaza
- Adelaide Market
- Forest Hills
- Fountain Gate
- Fountain Gate 2
- Warwick Grove
The store closures, which are expected to be completed by mid-July, will result in 519 redundancies, with 429 employees in A&R stores and 90 employees in REDgroup head office and distribution centres losing their jobs.
As previously reported by the Weekly Book Newsletter, Ferrier Hodgson has guaranteed that all employee entitlements will be paid in full.
Ferrier Hodgson said that sale negotiations for the remaining 19 company-owned A&R stores are continuing. Ferrier Hodgson hope to finalise the sale of the individual stores over the next fortnight.
Ferrier Hodgson also said that negotiations with 'book-retailing specialists' regarding the sale of the A&R franchise network and online business are continuing.
The news follows the announcement on 2 June that the remaining nine Borders stores in Australia will close down.
Ferrier Hodgson has previously announced the closure of 17 Borders and 55 A&R stores.
A second meeting of REDgroup creditors is expected to be scheduled to take place after the final store closures.
redgroupretail angusrobertson ferrierhodgson administration borders