There seems to be note end to the troubles of electrical appliance retailer Clive Peeters financial woes. They have increased after bank creditor NAB called up receivers to take control of the troubled retailer.

The Board of Clive Peeters decided on Wednesday to place the Company under the hands of voluntary administrators. It is running debts of around $140 million. After being put into the hands of creditors, it was passed to receivers on the same day.

The receivers of the Company Phil Carter and Daniel Bryant of corporate advisory firm PPB are planning to conduct the sale of the assets of Clive Peeters assets. They have also started to receive enquiries from various sources. Mr. Carter stressed that some are interested in completely overtaking the business of Clive Peeters.

They maintain that the initial signs are looking very good. Gerry Harvey, Executive Chairman of furniture and electrical chain Harvey Norman also expressed his willingness to buy stores of Clive Peeters. But he stressed that many stores of the retailer are loss making and they do not intend to buy those stores.

JB Hi-Fi was interested in acquiring the leases over some of its store sites to convert to JB Hi-Fi outlets. It also expects to benefit if Clive Peeters were to be overtaken by some other company.