The on-again, off-again deal between A&R Whitcoulls and Borders’ US parent has finally gone through.
The deal, just announced, puts a A$110 million price tag on the purchase, A$95 million of which is in up-front cash. A further A$15 million will be payable depending on performance of the unit. Included in the deal is an agreement for A&R Whitcoulls to license the Borders brand.
A&R Whitcoulls Group Managing Director, Ian Draper, says that the Borders assets are complementary to his company’s existing holdings.
“Borders will bring a new dimension to our retail offerings,” he says. “The customer-experience based model invites shoppers to browse with a vast range of books, music, movies and cafes in Borders stores. This model has proven popular in the local market and will complement our existing presence by targeting a different demographic through the premium format and vast selection of products.”
Managing Director of Borders Asia Pacific, John Campradt, will continue to serve in his current role managing the Borders business.
