Quebecor announced Tuesday that it will sell Archambault, the large retailer of music, books, and DVDs, with 14 locations across Quebec, to Renaud-Bray, the largest French-language bookstore chain in North America, with 30 locations. The deal will also include the English-language Montreal bookstore Paragraphe and the website archambault.ca.
“Through this acquisition, we are proud not only to maintain the company's sustainability and its control by Quebec interests, but also to ensure greater vitality for our sector, and by the same token, for the book chain industry as a whole,” said Blaise Renaud, president of Renaud-Bray, in a statement.
Pierre Dion, president and CEO of Quebecor, said he is pleased that the deal will keep Archambault in Quebec hands. He cited technological changes and shifts in consumer habits as leading challenges for retailers today. Dion takes over his position from former president and CEO Pierre Karl Péladeau, who left to enter politics, and was elected as leader of the Parti Québécois last Friday.
The deal is subject to approval by the Competition Bureau; once approved, Renaud-Bray will take ownership of its new properties. Renaud-Bray, the largest bookstore chain in Canada after Indigo, says it intends to maintain Archambault locations as separate entities from the Renaud-Bray banner.