Homewares and electrical retailer Homeart has appointed voluntary administrators. The retailer, formerly known as Copperart, will continue to trade in a ‘business as usual’ sense while Daniel Walley, Phil Carter and Mark Robinson of PPB Advisory oversee a review of the company, which operates more than 100 stores and has 600 employees across Australia.
According to website, Homeart retails a tight range of electrical appliances, including kettles and blenders, along with manchester, furniture, home decor and petcare products. Other appliances sold include bagless vacuums, deep fryers, electric mixers, salad makers and seasonal products, mostly under Homeart’s trade brand Cookwell.
At the time of the announcement, Homeart operated 4 stores in the Australian Capital Territory, 42 in New South Wales, 31 in Queensland, 10 in South Australia, 1 in Tasmania, 14 in Victoria and 15 in Western Australia.
“Homeart is an instantly recognisable retailer that is well known and supported by the Australian public,” said advisory partner Daniel Walley.
“Our immediate priority is to conduct a review of the business, which will allow us to explore all possible options including a possible sale as a going concern. In the meantime, the business will continue to trade on a business as usual basis.
“We are working constructively with Homeart suppliers, business partners and its dedicated team of 600 staff to ensure we achieve the best possible outcome for the business.”
Since entering administration, Homeart has begun liquidating stock, selling product for up to 80 per cent off the marked price, according to advertising banners.
PPB Advisory has said that a first meeting of creditors will be held on Tuesday 3 February 2015 at a location to be determined.
Do you know more about Homeart entering administration? Please contact the editor in confidence.