Book and magazine retailer A&R Whitcoulls has reached an agreement to sell its businesses at Hong Kong and Australian airports for A$22 million ($24.21 million) to HDS Retail Asia Pacific.
HDS, owned by magazine retailer Hachette Distribution Services, will also pay A$600,000 a year for the first four years and up to a maximum of A$600,000 annually for a further four.
A&R Whitcoulls will retain Angus & Robertson, Whitcoulls, and the travel business in New Zealand.
A&R Whitcoulls sells airport bookstores
AdvertisementAdvertise with NZME.
