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Harvey Norman has started mass sacking staff this afternoon as they move to close down under performing Clive Peeters and Rick Hart Stores.According to Clive Peeters management who contacted ChannelNews all the staff who work for the Clive Peeters commercial division in Bayswater Victoria have been sacked.

One employee wrote “They have advised us that there may be a few administration roles, other than that we are out of work”.

Earlier today staff contacted CN to say that up to 100 staff could be out of work due to the Harvey Norman restructure.

In a financial statement to the ASX Harvey Norman said they will scrap the troubled Clive Peeters brand because of poor performance and that of the Clive Peeters stores that will be retained these will be rebranded Harvey Norman.

Seven stores, in Victoria and Western Australia, are be permanently closed, with the other 16 to remain open as Harvey Norman or Joyce Mayne stores.

12 months ago Harvey Norman paid $55M after Clive Peeters was placed into administration.

“This is merely the best way of fixing a bad mistake,” Patersons Securities retail analyst Russell Wright told the Sydney Morning Herald. “It is easy to argue that Harvey Norman never conducted appropriate due diligence on this acquisition.”

The store closures would result in a charge of $10 million against next year’s pre-tax profit, Harvey Norman said.

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