Clive Peeters Ltd. has shared that the Company is planning to undertake the sale of some portion of its business coupled with the abolition of 6 of its stores.

The closing of the 6 stores will cut a number of jobs in the Company. The decision came after the Company reported a loss worth $140 million, last month.

The PPB has been affirming supply from Panasonic and Electrolux. Mr. Carter told that PPB has been witnessing hopes of rise in the sales and has committed to deposit the offers of reliving, by Friday.

The 6 stores which are going to be closed on Tuesday include Townsville and Ipswich in Queensland, Mildura and Warrnambool in Victoria and Bunbury and Canning Vale in Western Australia.

Mr. Carter considered an analysis of the presentation at a particular store and told that closing is important for gaining back the sales momentum.

“It is disappointing that these closures will result in job losses up to 75 out of a total of 1200 staff, but we have minimized the impact of this”, he said.

Mr. Carter with PPB partner Daniel Bryant will officially monitor the selling of the Clive Peeters' assets.