Harvey Norman appoints administrators to three stores

By Allie Coyne on Nov 7, 2011 12:57 PM
Filed under Hardware

Latest setback for failing Clive Peeters and Rick Hart brands.

Harvey Norman has appointed an administrator for three of its failing subsidiary stores.

Late Friday, the company announced the appointment of accountant and liquidator David Levi of Sydney’s Levi Consulting to oversee the administration of one Clive Peeters store in Bendigo, Victoria, and two Rick Hart stores in Mandurah and O’Connor, Western Australia.

In August this year Harvey Norman reported a $41.07 million loss following the $55 million purchase of 29 Clive Peeters and Rick Hart stores in July 2010. The Clive Peeters group was close to appointing administrators following an embezzlement scandal and debt issues.

It was a purchase Harvey Norman's management now regret.

In August, the company announced its intention to shut down seven Clive Peeters and Rick Hart stores and rebrand 16 more into Harvey Norman branches.

"The Clive Peeters and Rick Hart brand formats have not achieved the requirement for ongoing investment by the company," the company noted at its August briefing.

Harvey Norman declined to comment when contacted by CRN today.

 
Follow us on Facebook and Twitter
 

Copyright © CRN Australia. All rights reserved.

Harvey Norman appoints administrators to three stores
 
 
 
 
 
Top Stories
Photos: 2014 CRN Fast50 award winners
Check out who went home with a trophy on the channel's big night.
 
10 things we learned this week
Which reseller is about to be a movie star?
 
Meet everyone in the 2014 CRN Fast50
The complete list of the best in the Australian channel.
 
Sign up to receive CRN email bulletins
   FOLLOW US...
Polls
On the whole, are vendors getting more or less channel-focused?


Latest Comments
CRN Magazine

Issue: 333 | November 2014

CRN Magazine looks in-depth at the emerging issues and developments for the channel, and provides insight, analysis and strategic information to help resellers better run their businesses.