ASX-listed retailer Clive Peeters has appointed voluntary administrators to take control of the company.
The board yesterday appointed administrators McGrathNicol following a trading halt announced earlier in the day.
In a statement the administrators said they would conduct an "urgent appraisal" of the company's affairs.
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It would "investigate the circumstances leading to their appointment" and "determine whether the underlying business can be preserved".
"We are mindful that many stakeholders will be affected by the appointment of voluntary administration including employees, suppliers and other creditors, customers and lessors and shareholders," said Colin McIntosh Nicol.
"It is hoped the business can be stabilised," he said.
On August 11, 2009, Clive Peeters announced that it had identified discrepancies in its payroll accounts.
It had commenced legal action against an employee who had allegedly misappropriated approximately $19.4 million dollars out of the company.
A meeting of creditors will be convened on May 28.