Veteran whitegoods retailer collapses

kambosVeteran whitegoods retailer Kambo’s has become the latest victim of subdued market conditions and has fallen into administration.

The West Australian business, which was founded by well known Perth businessman Peter Kambouris in 1962, has six outlets in its own name and two others under the Liebe and Haus brand.

Administrators Hall Chadwick have been appointed to oversee the business and have closed all the company’s stores and its website.

It is understood that administrators are preparing for a stocktake sale, which could put further price pressure on the already subdued West Australian retail market.

WA’s consumer protection commissioner David Hillyard has warned that customers who have entered into lay-by agreements, have outstanding gift cards or have not had their goods delivered could be impacted by the closures.

“The administrators tell us that the stores are temporarily closed for stocktake as part of their assessment but whether they will re-open remains in doubt,” Hillyard said.

Hillyard urged customers to contact administrators to register as unsecured creditors, warning that those with outstanding arrangements could be at risk if the business is wound up.

“Consumers who hold gift cards that are yet to be redeemed are also at risk. I am sure there will be announcements in the coming days but those consumers should contact the administrators and may also need to register as an unsecured creditor,” he said.

The West Australian market has been particularly difficult for retailers in recent months amid a downturn in the local economy.

A raft of retailers have reported weaker sales in the state recently, driving higher than usual levels of discounting.

 

Comments

Comment Manually

Loading...

Inside Retail Polls

Myer's new chief executive
Is John King the right CEO to lead Myer's turnaround?

    Twitter

    The future of collapsed 50-store cafe chain Oliver Brown remains uncertain as concern over the history of its direc… https://t.co/wxwrvDDrOJ

    1 hour ago

    UK department store to reduce waste with new program. https://t.co/odR17AFaXl

    13 hours ago

    Infamous loyalty program is now a reality for Australian consumers. https://t.co/DHMSMnt5xQ

    21 hours ago
    x

    SUBSCRIBE
    FREE NEWS BRIEFS Get breaking news delivered