Possible Buyer for NZ Borders Stores

The New Zealand Herald reports that The A&R Whitcoulls group, owned by private equity investor Pacific Equity Partners (PEP) since 2004, is the front-runner to buy the majority of Borders stores in that country. Borders is selling off all its overseas holdings in a cost-cutting bid, even though said stores are actually faring rather nicely in New Zealand, achieving an annual turnover of $17 million, which represents almost 2 per cent of the New Zealand news-stand and bookstore retail book market of $935 million. It opened a new store on Thursday at Sylvia Park and is on track to open another in Albany in October. Borders opened its first New Zealand store in Auckland’s Queen St in 1999.

Borders regional manager in New Zealand, Justin Barratt, says he is sure buyers would want all the Borders stores and to keep the brand in New Zealand. The American company has franchise operations in Asia which could be used here too, he said.

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