By James Wells
Publicly-listed retailer and Narta member, Clive Peeters, has entered voluntary administration after series of poor financial results including a recent $4.5 million loss for the three months to 31 March.
According to a statement to the Australian Stock Exchange McGrath Nicol has been appointed voluntary administrators of Clive Peeters Limited and its controlled entities following a resolution of its Board of Directors on Wednesday.
The administrators are conducting an urgent appraisal of the company's affairs to investigate the circumstances leading to their appointment and to determine whether the underlying business can be preserved such that all relevant options including a Deed of Company Arrangement and/or a sale of business can be fully explored.
"We are mindful that many stakeholders will be affected by the appointment of volunatry administrators to Clive Peeters, including employees, suppliers and other creditors, customers, lessors and shareholders. It is hoped that the business can be stablised and can continue to trade in one form or another beyond this administration. In the circumstances, this would represent the best outcome for all parties."
A first meeting of the creditors of Clive Peeters Limited must be convened no later than Friday 28 May 2010.