Close×

A succession of retail stores are set to shutter over the coming week in the latest implosion to rock the retail sector.

An additional 29 stores will close across the Discount Sales Group to July 20, taking the total count to 39 since the appointment of receivers.

The chain was placed in voluntary administration earlier this month.

More than 300 employees will be affected by the closures with a majority in Queensland (14), as well as NSW (seven), Victoria (five) and Western Australia/South Australia (three).

Further store closures are expected.

Receivers KordaMentha are pursuing a sale of profitable stores and shutting down underperforming sites.

Receivers are also attempting to secure funds to cover some $10 million in staff entitlements.

It is understood around 100 of the 143 Crazy Clark’s and Sam’s Warehouse branded stores are believed to be profitable.

Receivers have reportedly fielded 50 expressions of interest from potential buyers, but no offer has been placed for the entire network.

This is the second time owner Jan Cameron, founder of outdoor goods retailer Kathmandu, has placed the group in receivership in two years.

Cameron placed the Crazy Clark's and Sam's Warehouse into administration in 2012 with $170 million in debt.

Cameron later purchased them back for just under $60 million.

comments powered by Disqus