After years of poor results from the Books & Gifts Direct business in Australia and New Zealand, Quarto announced preliminary agreement on a sale on that division, with the deal “anticipated to close in the coming weeks.” They are expected to receive a mere $1 million (Australian) in cash, plus $4.75 million “in interest-bearing loan notes which are repayable out of cash generated by the business.” Assuming that loan is repaid in full, Quarto will take a writedown of approximately $11 million (US). Otherwise, Quarto told investors they “expect to report profits in line with management expectations” for 2016. Good performance from the recently-acquired Harvard […]