Borders to sell its Australian stores
US bookstore chain Borders announced that it will be selling its 30 bookstores in New Zealand, Singapore and Australia to A&R Whitcoulls. The complete deal is valued at up to the amount of $110 million. A&R already operates 260 bookstores and is owned by Pacific Equity Partners, a private equity firm. The troubled book chain had also put itself up for sale in March this year and it’s main competitor in the US, Barnes & Noble stated that it would be considering a purchase.
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