Angus & Robertson has announced 42 store closures across Australia and has sacked more than 500 staff.
The announcement was made on administrator Ferrier Hodgson’s website as the company continues to negotiate to sell 19 bookstores.
The chain, owned by REDgroup, will lose 116 full-time staff, 47 part-time staff and 266 casual staff, plus 90 from the REDgroup headquarters and warehouse, the Sun Herald reports.
Administrator John Melluish said the move would save approximately 200 jobs as well as those associated with the group’s e-commerce and franchise businesses.
He added that employee entitlements would be paid in full to staff who had lost their jobs.
"As a result of their efforts, I can confirm that all entitlements will be paid out of the proceeds of the sale of the remaining inventory."
The statement insisted the remaining 48 franchise stores would continue to trade as normal.