Harvey Norman hands over $55 million for Clive Peeters
Harvey Norman has finalised a deal to buy Clive Peeters stores and wholesale operations across Australia after Clive Peeters called in receivers PPB.
The Receivers of Clive Peeters Phil Carter and Daniel Bryant of PPB a deal has been finalised with Harvey Norman to acquire 32 Clive Peeters retail stores and the company’s commercial network. All staff from the 32 Clive Peeters stores bought by Harvey Norman will be offered employment by Harvey Norman as the stores continue operations.
A number of stores in New South Wales, including Bella Vista, Auburn, Casula and Belrose were left out of the deal most likely due to proximity to existing Harvey Norman superstores (the Auburn stores are across the road from each other for example) but after clearance sales expected to last 2-3 weeks, staff will be given the opportunity to interview with Harvey Norman over redeployment in other stores the company owns.
Phil Carter of receivers PPB was delighted to have saved the jobs of the majority of Clive Peeters staff and having completed a deal with Harvey Norman.
“This is an excellent outcome. We are delighted to have secured the employment of the cast majority of the workforce. This is particularly pleasing as employees have been instrumental in keeping the Clive Peeters and Rick Hart stores trading during this time and they are to be congratulated for their efforts. We are continuing to work with Harvey Norman who are interviewing remaining staff over the next week.”
“The stores will continue to trade as Clive Peeters and Rick Hard and we are pleased to have help preserve these great brands. Under the stewardship of Harvey Norman we are confident that the businesses will have a prosperous future.”
Rick Hart stores in Perth City and Claremont have already ceased operations and are not part of the deal with Harvey Norman.