By Keri Algar
SYDNEY, NSW: Clive Peeters has this morning hit the last branch on its fall from grace on the Australian Securities Exchange (ASX).
Trading came to a halt for the ruined retailer in May, and having failed to pay its annual listing fees yesterday, the company has been suspended from official quotation on the ASX.
The news comes days after Sonya Causer – the infamous embezzler – was sentenced to a minimum five-year gaol sentence for stealing close to $20 million during her employment as a payroll officer for the company.
The downfall of Clive Peeters was been partially attributed to Causer’s theft.
Retail giant Harvey Norman bought 32 Clive Peeters and Rick Hart stores in July.
The new managing director of Clive Peeters was unable to speak to Current.com.au this morning. Any response from the former Harvey Norman franchisee will be posted later today.