Buyers short-listed for slimmed down Clive Peeters

Up to four groups have formally expressed interest in taking over CE and appliance retailer Clive Peeters, which went into receivership last month with debts of more than $100 million.

A spokesperson for receivers PPB told PIN Online that “three or four” groups had been short-listed following a request for submissions of non-binding offers for the publicly-listed retailer.

Meantime, PPB has confirmed supply arrangements with more than 20 major suppliers, including two the retailer’s largest suppliers – Panasonic and Electrolux Six stores in the group’s national network of 44 stores were closed on June 15, resulting in around 75 job losses (out of total staff of 1200).

The closed stores were at Townsville and Ipswich (Queensland), Mildura and Warrnambool (Victoria) and Bunbury and Canning Vale (WA).

PPB receiver Phil Carter also announced that Clive Peeters will honour all gift vouchers at face value up to June 30.

“We have listened to our store managers’ feedback and while we have no legal obligation to do so, we will honour gift certificates as a thank you to our loyal customers,” he said.

Clive Peeters' first-half accounts show it was shouldering $160 million in debt, including $38 million owed to NAB, and only about $10m in cash.

As at December last year, the company owed $113 million to trade creditors.

Its short-term debt facilities with NAB were due to mature on July 31.

The company, which went public in a $120 million float in 2005, is now estimated to be worth around $19 million.