Clive Peeters

Last updated

Clive Peeters
Industry Retailing
Founded1973
Defunct2011
FateVoluntary Administration then acquisition in 2010. Retired in 2011, most stores converted to Harvey Norman or Joyce Mayne stores, remaining stores closed down.
SuccessorHarvey Norman
Headquarters
Bayswater North, Victoria
,
Australia
Number of locations
25 stores (2011)
Clive Peeters: 17
Rick Hart: 8
Area served
 Melbourne, Bendigo, South East Queensland, Mackay, Perth, Broome
ProductsElectrical, Whitegoods
Website www.clivepeeters.com.au

Clive Peeters was an Australian electrical, computers, kitchens and whitegoods retailer with stores in Victoria, Queensland, New South Wales and Tasmania. Under the original owners, the first stores opened in Melbourne in 1973 and Brisbane in 2001.

Contents

In 2005, Clive Peeters bought the Rick Hart chain of retail stores in Western Australia, however the stores continue to trade under the Rick Hart name. Clive Peeters stores carried more than 140 brands and over 20,000 individual models. [1]

Certain locations were acquired by Harvey Norman (The Derni Group) in July 2010, who will continue to operate both retailers independent of their other major retail brands, Harvey Norman, Joyce Mayne and Domayne.

Internal fraud

In 2009 it was discovered that the Clive Peeters payroll manager, Sonya Denise Causer, had defrauded the company by falsely inflating the company payroll expense and then using her company online banking access to transfer the difference between the actual and reported expense to bank accounts she controlled. Causer had stolen over A$20 million during the period November 2007 to June 2009 and used the money to purchase 43 properties and 3 cars. The company took civil action to have Causers' assets transferred to Clive Peeters. [2]

Administration

Clive Peeters shares ceased trading in the Australian Securities Exchange on Wednesday, 19 May 2010, after the company brought in McGrathNicol as voluntary administrators to try and sell off the business. [3]

New management

Nik Papa was appointed General Manager in July 2010. Papa had previously been a Harvey Norman franchisee. [4]

On 11 August 2011, Harvey Norman Executive Chairman Gerry Harvey announced that the Clive Peeters brand was "stuffed" and tainted beyond repair, admitting that it was a bad business decision for Harvey Norman to take over Clive Peeters in the first place. As a result, 13 Clive Peeters stores and 5 Rick Hart stores will be converted to Harvey Norman stores (with the exception of two stores, which will be converted to Joyce Mayne stores), with the remaining four Clive Peeters stores and three Rick Hart stores being closed down and sold off, because of proximity to existing Harvey Norman stores in those areas. [5]

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References

  1. ↑ Clive Peeters Website. Company Overview. Accessed 12 August 2007. Archived August 11, 2007, at the Wayback Machine
  2. ↑ Carson, V and Battersby, L 2009 (12 August 2009) "Clive Peeters left reeling by $20m sting". The Age , Retrieved 23 May 2010.
  3. ↑ Janda, Michael (19 May 2010). "Not so easy - Clive Peeters brings in administrators" ABC website, Retrieved 23 May 2010.
  4. ↑ Advertiser (26 August 2010). "Clive Peeters rebuilding: new MD concentrating on growing sales". Appliance Retailer. Retrieved 1 November 2020.
  5. ↑ "Gerry Harvey tells: Why I closed Clive Peeters and why retail's in trouble". Archived from the original on 22 August 2011. Retrieved 13 August 2011.
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