MONTREAL – Quebecor said Tuesday that it has reached an agreement to sell off its Archambault Group's retail operations to French-language bookstore chain Renaud-Bray. Financial terms of the deal were not disclosed.
The transaction includes the 14 Archambault retail stores in Quebec, which are major retailers of recorded music, books, software, DVDs, periodicals, musical instruments and sheet music; the archambault.ca website; and the English-language Paragraphe Bookstore on McGill’s College Avenue. The transaction is subject to Competition Bureau approval.
"The retail sector has had to face tall challenges because of technological change and the advent of digital platforms, upheavals which have reshaped consumer habits," said Quebecor president and CEO Pierre Dion, in the announcement. "Today, the competition isn't the shop across the street; it comes from major international players. Therefore, we are pleased that this transaction will keep Archambault's retail operations in Québec hands. Renaud-Bray has built its reputation by developing the market for French-language cultural goods and offering Quebecers quality products."
Pending the Competition Bureau's decision, Quebecor said that it will continue managing all of Archambault Group's properties.
