Red Group’s bookstores could begin closing across Australia this weekend, with employees still waiting to see if they will receive money owed to them.
The Angus & Robertson and Borders chains, many of which are franchised, owe a reported $8 million to staff. The administrator of the business said that Red Group has just $6.5 million in the bank and may have to start axing some of its 146 outlets by the weekend.
iPad2 set to spark tablet surge
Apple is set to unveil its iPad2 product tonight, AEST. The launch comes as increasing numbers of consumers turn to the tablet market, with the sector set to experience strong growth in the coming months, according to The Australian.
Facebook tucks into Beluga
Facebook has snapped up a group messaging start-up called Beluga. The social networking giant, which was recently rumoured to be considering a $10 billion bid for Twitter, acquired Beluga, which was set up by three ex-Google employees, for an undisclosed sum.
The Dow Jones industrial average fell 101.79 points to 12,124.55. The Australian dollar was slightly down, to 101.37 US cents.