SA-based electrical retail chain, Truscotts Hi-Fi, has been sold to a local family business for an undisclosed amount.
Truscotts was a subsidiary of Betta Stores Limited (BSL), which was placed into receivership and administration in October.
The core BSL business was sold to a group of franchisees a fortnight ago, while negotiations for the sale of Truscotts were conducted separately.
The transaction includes the Truscotts flagship store in central Adelaide, five in the city's suburbs and one in Port Lincoln. Receivers, PricewaterhouseCoopers, closed an eighth store in Elizabeth at the end of October.
The buyer is a small family business run by Christopher and Janine Starrs. The family was traditionally involved in aged-care accommodation and accounting but was attracted by strong brand reputation in the state.
"We intend to have Truscotts returned to its previous trading levels," Christopher Starrs said. "It's a win for the people of South Australia - the more players in the market, the lower the prices they will pay."
Starrs will look to add environmental technology (such as solar panels) to the electrical and electronics product lines already available at Truscotts.
At its peak, Truscotts employed more than 80 staff. Under the new ownership, 60 staff will be retained. Starrs said several had already retired or sought employment elsewhere since BSL ran into trouble.
"From my point of view, it's a pretty happy outcome," PwC partner Phil Carter said. "It brings certainty to Truscotts employees and customers."