The receivers and managers of Clive Peeters, Phil Carter and Daniel Bryant of PPB announced the sale of the majority of stores in the Clive Peeters network to a subsidiary of Harvey Norman (HVN). Details of the stores included in the sale are still being finalized and PPB expects to be in a position to announce the number and location of the stores included in the sale by the middle of next week, when the transaction is expected to be complete.
HVN has agreed to purchase certain stock and plant and equipment located at certain of the locations, know-how, intellectual property rights and systems of the Vendors, for an aggregate purchase consideration of approximately $55million, subject to terms and conditions.
Phil Carter of PPB said “we are very pleased to deliver a timely outcome with the sale of the majority of stores to a successful and well established retailer. We will be working closely with Harvey Norman in the next few days to finalise arrangements, and will be able to provide further details upon completion of the sale next week.”
“Under the terms of the sale Harvey Norman has agreed to provide continued employment to the vast majority of the very loyal Clive Peeters and Rick Hart employees. We look forward to being in a position next week to confirm the sale arrangements.”
http://www.traderdealer.com.au/Fundamentals/hvn
Tags: Clive Peeters, Harvey Norman, HVN, New acquisition, Retail
