WholesaleInvestor

19 May 2010

Clive Peeters place into Administration

Source: www.smh.com.au
Troubled white-goods retailer Clive Peeters has been placed into administration, a victim of the downturn in the retail sector and a $20 million fraud by an employee last year.
This month Clive Peeters said its operating loss for the three months to March 31 was expected to be $4.5 million compared with a loss of $600,000 for the same period last year.
The company employs 1300 staff members in 44 stores across Australia.
Managing director Greg Smith said at the time subdued sales and margin pressures had damaged the trading outlook.

He said interest-rate rises and the threat of more to come had affected sales of big-ticket items such as fridges, TV sets and washing machines.
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