Chris Zappone , Sydney Morning Herald, April 20, 2011 - 10:51AM
The breakaway group of Angus & Robertson franchisees which tore up their agreement with the bookseller over Ferrier Hodgson's handling of the administration has returned to the negotiating table.
The group had been upset by Ferrier Hodgson's handling of parent company's REDgroup Retail's fall into administration in February, particularly the policy to halve the effective value of gift cards and then issue a deadline for their use.
"The franchisees welcome the opportunity to engage in a process which will hopefully achieve a successful outcome for them and, more importantly, their customers," said Marie Fitzpatrick of the Angus & Robertson outlet in Bowral, NSW, who acted as spokeswoman for the group.
The terms of the agreement reached between the administrator and the group of franchises were not released. The deal allows the administration to proceed with Ferrier Hodgson seeking expressions of interest in the assets of the failed bookseller.
Read more: http://www.smh.com.au/business/breakaway-booksellers-back-into-the-fold-20110420-1do2u.html#ixzz1K5UWaZW7