[LINK] Borders and A&R finished

[Jan Whitaker]

Not that I buy books from these places often, but does this mean 
Dymocks, the big box stores, and the indies are going to get the business now?
Note the June 1 stocking death date. That's today.

>Fwd: Publishers Lunch
><http://click.publisherslunchdaily.com/cp/redirect.php?u=NTAwNnwzNDQ4OXxqd2hpdEBqYW53aGl0YWtlci5jb218NTU3NzA5fDc2MDIyMjM2fDc4Njc4OQ==&id=8531634>REDGroup 
>Fails to Reach Deal With Creditors, Will Stop Taking Stock on June 1
>
>The bankruptcy saga of REDGroup Retail appears to be in its closing 
>stages thanks to a number of developments over the weekend. 
>Administrators Ferrier Hodgson failed to reach an agreement with 
>creditors on a reorganization plan, laid off an additional 34 
>employees at REDGroup's Melbourne headquarters, and on Monday 
>informed suppliers that the company's remaining stores in Australia 
>would not accept stock after June 1, with any orders made on books 
>not yet delivered should be cancelled.
>
>In a letter to landlords and suppliers, REDGroup's administrators 
>said they had hoped to find a way to keep the remaining 9 Borders 
>and 61 Angus & Robertson stores in Australia open, but said that 
>after eight weeks of negotiation, Ferrier Hodgson said they failed 
>to secure "enough support across the board to bring the business out 
>of voluntary administration in its current format." As a result, the 
>administrators are "urgently seeking offers from potential buyers of 
>all or part of the Angus & Robertson or Borders networks," with 
>offers for individual stores on the table as well.
>
>Though Ferrier Hodgson said there was no time frame for when the 
>remaining Australian stores might close, sources within REDGroup 
>told Business Day closures could begin "between one month and six 
>weeks." The newest round of layoffs also leaves just 40 employees at 
>the company's headquarters.
><http://click.publisherslunchdaily.com/cp/redirect.php?u=NTAwNnwzNDQ4OXxqd2hpdEBqYW53aGl0YWtlci5jb218NTU3NzA5fDc2MDIyMjM2fDc4Njc4OQ==&id=8531635>Bookseller+Publisher
><http://click.publisherslunchdaily.com/cp/redirect.php?u=NTAwNnwzNDQ4OXxqd2hpdEBqYW53aGl0YWtlci5jb218NTU3NzA5fDc2MDIyMjM2fDc4Njc4OQ==&id=8531636>Business 
>Day


Melbourne, Victoria, Australia
jwhit at janwhitaker.com
blog: http://janwhitaker.com/jansblog/
business: http://www.janwhitaker.com

Our truest response to the irrationality of the world is to paint or 
sing or write, for only in such response do we find truth.
~Madeline L'Engle, writer

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