The deal to sell the Whitcoulls book chain will mean the closure of at least six stores.
The James Pascoe Group which owns Farmers, Pascoes and Prouds, has bought 62 Whitcoulls and Borders bookshops, after the previous owners, REDgroup Retail, collapsed from debts.
The new owner is not buying three damaged stores in Christchurch, nor three other stores in Upper Hutt, Papamoa near Tauranga and the Albany mall.
Pascoes says there may be further closures because the company is yet to discuss other leases with the landlords.
Booksellers New Zealand says the stores are now in strong hands and it has faith in the abilities of the new owners.
The price of the purchase has not been disclosed.
Voucher conditions
The receivers of the Whitcoulls and Borders group say customers will still need to spend double the amount of their vouchers if they want to redeem them - at least until the sale of the chain is complete.
Under rules set by the receiver, existing vouchers can be redeemed only if customers spend an equal amount in cash.
The receiver says that rule will not change despite the impending sale.
Once it is complete, it will be up to the new owners to decide if vouchers are honoured.
