Household goods retailer Harvey Norman Holdings Ltd
(ASX:HVN) has completed the sale of Clive Peeters Ltd for an expected $55 million.
Troubled retailer Clive Peeters placed itself into voluntary administration in May after not being able to raise new capital for the company.
The Harvey Norman takeover promises to offer employment to staff from all of the 32 Clive Peeters stores.
Phil Carter of PPB, the receivers of Clive Peeters, says the stores will continue to trade under the Clive Peeters Brand, and under the stewardship of Harvey Norman PPB is confident that the businesses will have a prosperous future.
Harvey Norman Holdings reported a $214.35 million profit for the year ending 30 June 2009.
