Perhaps I should explain. RedGroup are owned by the private equity group PEP, who built RedGroup by buying several Australian and New Zealand bookstore chains. PEP then saddled RedGroup with the debt of buying the chains.
The 231 company-owned stores of the group--115 Angus & Robertson, 67 Whitcoulls, 31 Borders, nine Bennett's and nine NZ travel stores in airports--have stock on hand worth approximately $120 million. Unredeemed gift vouchers from all stores are believed to be worth some $15 million.
So basically PEP threw in the towel just before a bankruptcy would cost PEP money. Basically the company is dead, and everyone but PEP got screwed.
Also, Kobo will be losing their retail presence down under, which is going to hurt.
via Bookseller & Publisher