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Early this year Australia’s largest bookstores, Angus& Robertson and Borders, announced they were near bankruptcy and were placed into voluntary administration.
The two large book chains are, along with Whitcoulls, owned by the organization REDgroup.
Since the voluntary administration has taken over gift vouchers have been suspended for all stores and more then many of their people face unemployment.
At the time of being placed into administration there were 260 Borders, Angus & Robertson and Whitcoulls stores across Australia, New Zealand and Singapore.
REDgroup is more then $115 million in debt and has been struggling against the increasing competition from large internet bookstores and a general downturn in retail profits since the global financial crisis.
The administration also closed of 37 Angus & Robertson stores and one Borders, resulting in the loss of jobs for 321 full and part time workers.