Whitcoulls, Borders NZ stores sold

Rich-listers Anne and David Norman--who own the Farmers department stores in NZ and jewellers Pascoes, Stewart Dawsons, Prouds, Goldmark and Angus & Coote, and Stevens homeware--have bought the 62 Whitcoulls and five Borders shops from administrators Ferrier Hodgson for an undisclosed sum.  Staff were told of the sale this afternoon, and David Norman said store closures would be avoided ''if at all possible''.

Ian Draper, the former managing director of Whitcoulls and then the REDgroup, would be appointed to run the business.


The last bit doesn't sound promising, but it's obviously too soon to make any comment or prediction about the printed books business of these stores.  But needless to say, we hope that intelligent people interested in books will be hired to resurrect it.

Update
Three quake-damaged Christchurch stores--Whitcoulls on Colombo Street in the city, Cashel Mall and Eastgate Mall--are not part of the purchase.  The first two have been off limits since the February earthquake.

Three other New Zealand stores--in Papamoa, Upper Hutt and at Albany's Mega Centre--are considered financially non-viable and likewise not included.