Industry Retailing Defunct 2011 Founded 1973 | Ceased operations 2011 Headquarters Bayswater North | |
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Number of locations 25 stores (2011)Clive Peeters: 17Rick Hart: 8 Subsidiaries Hartrez Pty Ltd., Rick Hart Holdings Pty Ltd., Kempcombe Pty Ltd., Michael King (Hawthorn) Pty Limited | ||
Accountant stole 20 mil from clive peeters
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
- Accountant stole 20 mil from clive peeters
- Why shop at clive peeters
- Internal fraud
- Administration
- New management
- References
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.
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.
Why shop at clive peeters
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.
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.
New management
Nik Papa was appointed General Manager in July 2010. Papa has held senior and key positions at both Harvey Norman and Brashs.
On 11 August 2011, Harvey Norman Executive Chairman Gerry Harvey announced that the Clive Peters 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.