Quebecor Inc. is selling its Archambault bookstore business to Renaud-Bray "in a deal that will see control of two of Quebec's largest French-language book chains fall under one owner," the Toronto Globe & Mail reported. Renaud-Bray, which operates 30 retail outlets, will purchase Quebecor's 14 Archambault book and music stores, along with Archambault's website and Montreal's English-language book retailer Paragraphe. Financial terms were not disclosed.
"Today's difficult economic climate has hit many Quebec retailers very hard," said company president Blaise Renaud. "In that context, Renaud-Bray and Archambault too need to adapt and to renew themselves to face the future."
