Harris Scarfe appoints administrators and receivers one month after acquisition
Just one month after being acquired by private equity firm Allego Funds, department store Harris Scarfe has appointed Deloitte Restructuring Services as receivers and BDO as voluntary administrators.
The business will continue trading as normal over the Christmas period, and staff will be paid instead by the receivers.
Deloitte Restructuring Services partners Vaughan Strawbridge, Kathryn Evans and Tim Norman were appointed receivers and managers over Harris Scarfe, and a number of associated entities.
The retailer employs over 1800 staff, with annual sales of roughly $380 million, according to Strawbridge.
“Harris Scarfe is a longstanding retail institution,” Strawbridge said.
“We will be making every effort to secure a future for the business and intend to commence an immediate sale of business process.”
Deloitte is confident the business contains sufficient assets to meet employee entitlements, and intends to achieve a going-concern sale of the business while preserving as many jobs as possible.
In the meantime, gift cards and lay-bys deposits will be honoured.
Inside Retail Polls
Tap-and-go payments would be much cheaper for businesses if the big banks just made one change. The ARA and other i… https://t.co/1M9H1Jbw753 mins ago