COMMENT: Two years ago we predicted that Clive Peeters would fail. We based our assessment at the time on the Companies poor management and a lack of aggressive advertising and marketing.
We said that the Company was being run by executives like CEO Greg Smith, and CFO Mr Steven Rowarth who between them really have to take the blame for the company’s failure.
These are the same executives who failed to put in place procedures to detect the systematic theft of $20M by a former employee.
We said that Smith was more accountant then hard core retailer who had the skill to compete with the likes JB Hi Fi and Harvey Norman who at times can play down market and dirty to get a sale.
Smith was more about “pretty images” and neat clean stores than cutting deals with consumers.
This is what we said in 2008.