It has been revealed that the Furniture and electrical giant Harvey Norman is planning to purchase more than half of the whitegoods retailer, Clive Peeters. According to the Receiver Phil Carter from Corporate advisory firm PPB, the decisive details of the deal involving $55 million, will be concluded next week.

Taking to the Australian Securities Exchange, Harvey Norman said that it has accepted to buy some of the stock and plant and equipment at different locations, “knowhow, intellectual property rights and systems". Harvey Norman is expected to take over about 30 stores under the Clive Peeters and Rick Hart banners. But nothing has been unveiled yet about three warehouses of the Company.

Mr. Carter was appointed as receiver by National Australia Bank in May. He closed six stores and finally the business was put for sale.

He expressed his contentment and said that the Company was pleased with the decision of timely sale of most of its stores to a “successful and well-established retailer".

Also, it was informed that Harvey Norman has also assured that it will be providing employment to majority of faithful Clive Peeters and Rick Hart employees.

According to a JPMorgan analyst Shaun Cousins, Harvey Norman will be retaining Clive Peeters and Rick Hart brands.