Harvey Norman scoops up Retravision stores

Stores jump ship as administrators try to recoup funds for creditors

Retravision's pain has become Harvey Norman's pleasure with the mass merchant gaining access to 14 of the independently-owned stores across regional NSW.

Retravision (NSW) was placed into voluntary administration in October last year. Since then, Harvey Norman COO, John Slack-Smith, said it had been approached by stores wanting to leave the buying group. It had also approached several stores.

Six of the 14 ex-Retravision stores will be branded as Harvey Norman, with the remainder branded as Joyce Mayne. These were in areas which already have a Harvey Norman outlet.

Many could undergo upgrades to integrate further into the Harvey Norman family, Slack-Smith said.

"These are predominantly electrical-based stores but we will rework that to be electrical and computers," he said. "One-third of our group's turnover is in computers. We will use this opportunity to build on the electrical strengths of the stores."

Slack-Smith said it was in discussions to add more Retravision stores to the Harvey Norman family, but could not elaborate further at this time.

Retravision went into voluntary administration with debts of about $50 million. Its appointed receiver, Deloitte, is now working to recover some of the $17 million owed to secured creditor, Westpac.

The locations of former Retravision stores include Dubbo, West Wyalong, Wagga, Young, Newcastle West, Raymond Terrace, Salamander Bay, Toukley, Warners Bay and Cobar.

More about Harvey Norman HoldingsNormanRetravisionWestpacWestpac

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1 Comment

Jason

1

Funny how Gerry Harvey was crying foul over people importing things and him loosing money. Yet he has enough money to buy out another company?

lol fail Gerry.

Comments are now closed

 

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