Clive Peeters, the beleaguered whitegoods and electrical retailer has been bought by Harvey Norman Holdings Limited through liquidator PPB for $55 million.
Harvey Norman will purchase the majority of the Clive Peeters network of electrical and whitegoods retail stores and associated warehouses in Queensland, Western Australia, Tasmania, New South Wales and Victoria.
Phil Carter of receivers PPB was pleased with the timely result that allows Clive Peeters stores to continue trading, with customers to be confident when shopping at both Clive Peeters electrical stores and Rick Hart retail outlets.
“We are very pleased to deliver a timely outcome with the sale of the majority of stores to a successful and well-established retailer,”‘ Phil Carter said in a statement this morning.
“We will be working closely with Harvey Norman in the next few days to finalise arrangements, and will be able to provide further details upon completion of the sale next week.” he said.
Clive Peeters directors had hoped National Australia Bank would roll over long term debts totaling $38million and expand the company’s overdraft facility. However after sales collapsed for the 45 store chain in April, NAB called in receiver, Phil Carter of insolvency specialists PPB to wind up the company.
Last month Clive Peeters receivers PPB shut down six of the 44 Clive Peeters stores which were deemed unprofitable, with regional Clive Peeters stores believed to have never been profitable.
Harvey Norman have not yet finalised the store locations which will be purchased as part of the deal, however a full list of stores is expected to be made available mid next week by receivers PPB once the sale is finalised. Included in the deal will be the ‘majority’ of Clive Peeters and Rick Hart stores, there is no word yet whether these will be re-branded as Harvey Norman superstores, or continue under the Clive Peeters and Rick Hart brands.