Harvey Norman’s purchase of 32 Clive Peeters retail outlets has been completed.
In a statement to the ASX, the receivers and managers of Clive Peeters, PPB, said all staff as well as warehouse and support personnel will be offered employment opportunities with Harvey Norman (ASX: HVN). PPB was appointed in May.
The Clive Peeters and Rick Hart branding will also be retained.
However, a small number of stores across NSW in Bella Vista, Auburn, Casula and Belrose, will be shut down by the end of July, but sales will continue over the next two to three weeks.
Rick Hart Perth City and Claremont stores have also been closed.
PPB's Phil Carter said the company was continuing to work with the retail giant during the employee interview process.
“Employees have been instrumental in keeping the Clive Peeters and Rick Hart trading during this time and they are to be congratulated for their efforts,” Carter said. “Under the stewardship of Harvey Norman, we are confident the business will have a prosperous future.”
At the time of publication, Harvey Norman shares had increased slightly, trading at $3.54.
Harvey Norman recently announced its intentions to purchase Clive Peeters outlets for $55 million.
In August last year, Clive Peeters began legal proceedings against one of its staff members after discovering a multi-million dollar accounting fraud.
