RedGroup had been trying to sell Whitcoulls for the past year

Several new details have come to light since I last wrote about RedGroup Retail bankruptcy.Earlier this week the Australian Federal Court granted the Administrators for RedGroup Retail  more time before they have to meet with RedGroup's creditors.  This is good; the pitchforks will be sharper and there will be more torches when the former owners of RedGroup are carried away by the angry mob.

But the next meeting isn't until September, and Redgroup is either going to be recovered or dead by then.

I wrote last time that Redgroup had been put up for sale, and the administrators have reported that there have been a few inquiries. It's still early, so there haven't been any firm offers yet.

It turns out that RedGroup had been trying to sell their New Zealand subsidiary Whitcoulls for nearly a year now. It seems no one wanted it. That's probably neither good nor bad; RedGroup might have been asking for too much money. On the other hand, several likely buyers have looked and decided against buying Whitcoulls, which could mean disaster for the 65 store chain.

And I have not heard anything yet on who will buy RedGroup's stake in Kobo, which at this point is probably worth more than they paid for it.

via Bookseller & Publisher

About Nate Hoffelder (11222 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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