Harvey Norman buys Clive Peeters for $55 million

Harvey Norman buys Clive Peeters for $55 million

A majority of Clive Peeters stores have been purchased and most staff will be kept on-board

Retail giant, Harvey Norman, has purchased a majority of Clive Peeters stores for about $55 million.

In a statement to the ASX, the receivers and managers of Clive Peeters, Phil Carter and Daniel Bryant of PPB, said the details of the purchase were still being finalised. PPB were appointed as receivers on May 19.

Details are still scant on how many stores have been purchased, in what locations and whether the Clive Peeters branding would be retained.

“PPB expects to be in a position to announce the number and location of stores included in the sale by the middle of next week, when the transaction is expected to be completed,” the statement said.

Cater said Harvey had agreed to keep a majority of Clive Peeters and Rick Hart employees.

We are very pleased to deliver a timely outcome with the sale of the majority stores to a successful and well established retailer," Carter said.

“We will be working closely with Harvey Norman in the next few days to finalise arrangements."

Harvey Norman also released a statement to the ASX (ASX:HVN) adding it had agreed to purchase certain stock, plant, equipment, intellectual property rights, know-how and systems of the vendors.

At last count, Clive Peeters had 38 stores, after PPB closed shut down six.

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Tags Mergers and acquisitionsHarvey NormanClive Peeters

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