75 jobs to go in clive peeters six-store closure | adelaide now -g-icon-error cloudy-day nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right nav_small_right 0a0871e9-1636-49f4-904

The recipient of Clive Peters said that closing six poorly performing stores would lose 75 jobs as they assessed potential buyers of debt --laden retailer.
Phil Carter, the recipient of the PPB, said that after a review of store performance found that six stores were unsustainable, Clive Pitt's network of 44 stores across the country would be closed.
He said that stores in Townsville and Ipswich, Queensland, will be closed, in Victorian towns in Mildura and Warnambool, as well as in Bunbury and Kanin Valley in Western AustraliaSeventy-
He said there will be five jobs after the closure.
"It is disappointing that these closures will result in unemployment (of)
Mr. Carter said: "There are up to 75 out of a total of 1,200 employees, but we have redeployed our employees to other stores as much as possible, thus minimizing this impact.
He said that the closure of the store will strengthen the business before the sale.
PPB generated a "strong interest" in the sales process and called for submission of non-
Bind the quotation before June 18.
Mr Carter said the recipients would create a short list of bidders.
Supply arrangements with more than 20 major suppliers of Clive peeter have been confirmed, including Panasonic and Electrolux.
Mr. Carter said that although there was no legal obligation to do so, all gift certificates would be honored at par value until June 30.
On May 19, the National Bank of Australia appointed Mr. Carter and Mr. Daniel Bryant as voluntary managers from PPB to oversee various aspects of Clive Pitters.
The appliance retailer has a debt of $0. 16 billion, of which $38 million owed to bank NAB by December 31, 2009.
By the time may arrived, the company had already repaid about $13.
5 million of bank debt. Its short-
NAB's term debt loan will expire on July 31 and on May 4, the retailer said it was in talks on the renewal of facilities and an increase in short-term debtterm overdraft.
The total amount of long-term debt due in June 2011 was $20 million.