Clive Peeters in WarrnamboolThe receivers of collapsed retailer Clive Peeters will shut down six stores out of a total network of 44 locations as the business is prepared for sale. The closures will see the loss of 75 jobs.
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Clive Peeters receiver, Phil Carter of insolvency specialists PPB, said this morning stores in Townsville, Ipswich (both Queensland), Mildura, Warrnambool (both Victoria), Bunbury and Canning Vale (both West Australia) will close at end of trade on Tuesday, June 15.

“The receivers, with the assistance of key management, conducted a review of individual store performance and identified these stores as unsustainable,” Mr Carter said.

“It is disappointing that these closures will result in job losses up to 75 out of a total of 1200 staff, but we have minimised the impact of this by redeploying employees into other stores as far as possible.”

Mr Carter announced that the receivers have now confirmed supply arrangements with over 20 of the major suppliers, including two of Clive Peeters’ largest suppliers, Panasonic and Electrolux.

He said a number of steps had also been taken to prepare the business for sale.

“We have experienced strong interest in the sale process and have requested submissions of non-binding offers by next Friday, 18 June. We then propose to deal with shortlisted parties only,” said Mr Carter.

He said the company will honour up to June 30 all remaining gift certificates at face value.

“Whilst we have no legal obligation to do so, we have agreed to honour gift certificates as a thank you to our loyal customers.”

Mr Carter and PPB partner Daniel Bryant were appointed Receivers and Managers of Clive Peeters on May 19.

It is believed Clive Peeters’ creditors include NAB which is owned $33 million.

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