Harvey Norman (ASX:HVN) buys up 32 Clive Peeters stores

Harvey Norman (ASX:HVN) buys up 32 Clive Peeters stores

Receivers for electronics retailer Clive Peeters (ASX:CPR) have sold 32 of the company's brick and mortar stores to former arch-rival Harvey Norman (ASX:HVN).

Receivers PPB said they had completed the sale last night. Harvey Norman has agreed to offer employment to all staff from the 32 stores, including warehouse and support staff.

The few stores Clive Peeters still owns will be running sales over the next 2-3 weeks before a final closure towards the end of July. Harvey Norman will interview staff at the remaining stores for possible employment.

“We are delighted to have secured the employment of the vast majority of the workforce,” PPB's Phil Carter said.

The stores sold to Harvey Norman will continue to trade as Clive Peeters and Rick Hart, he added.

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Tags Mergers and acquisitionsHarvey NormanClive PeetersASX:HVNvoluntary administrationASX:CPR

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