Harvey Norman buys Clive Peeters control for $55 million

By Patrick Avenell

MELBOURNE, VIC: Harvey Norman Holdings Limited has today acquired a majority stake in the Clive Peeters network of stores. This development was announced this morning in a joint release to the Australian Securities Exchange (ASX).

According to this notice, Clive Peeters has agreed to sell stock, plant and equipment, systems and intellectual property rights for approximately $55 million. Clive Peeters was placed in administration on 19 May 2010 after almost two years of speculation as to its uncertain future.

PPB, the appointed receivers of Clive Peeters, said the exact details of the sale, including the location and number of affected stores, is expected to be announced “by the middle of next week”. PPB receiver Phil Carter further expressed his satisfaction that such an agreement has been reached in efficacy.

“We are very pleased to deliver a timely outcome with the sale of the majority of stores to a successful and well-established retailer,” Carter said.

“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.”

“Under the terms of the sale, Harvey Norman has agreed to provide continued employment to the vast majority of the very loyal Clive Peeters and Rick Hart employees.”

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