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May 30, 2011By Sarah Weinman

REDGroup Fails to Reach Deal With Creditors, Will Stop Taking Stock on June 1

May 30, 2011By Sarah Weinman

The bankruptcy saga of REDGroup Retail appears to be in its closing stages thanks to a number of developments over the weekend. Administrators Ferrier Hodgson failed to reach an agreement with creditors on a reorganization plan, laid off an additional 34 employees at REDGroup’s Melbourne headquarters, and on Monday informed suppliers that the company’s remaining stores in Australia would not accept stock after June 1, with any orders made on books not yet delivered should be cancelled. In a letter to landlords and suppliers, REDGroup’s administrators said they had hoped to find a way to keep the remaining 9 Borders […]

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Filed Under: Bookstores, Finance, Legal

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