Harvey Norman Holdings is revealed to fork out a cheque for more than $55 million today in a view to placate its failed takeover of 30 plus stores in the Clive Peeters retail chain.

Gerry Harvey's electrical and household goods chain is reported to have offered more for the Peeters stores, brands, stock and shop fittings in actual, however, it will be offered a discount for taking on up to 1,200 Clive Peeters and Rick Hart staff.

A major proportion of the money will be diverted to repaying Peeters's only secured creditor, National Australia Bank.

Apart from just stores, the purchase price includes clearance centers and some warehousing offerings as well.

The terms of the deal are somehow vague as many of the creditors on Peeters's books are suppliers, of which a majority have filed for unresolved ''retention of title'' claims.

Mr. Carter and Mr. Bryant underwent a deal with 60 of Peeters's 80 key suppliers in a view to stick to selling stock to the group so that it assists them to continue with the sales of their stock while the decision on the ownership of pre-receivership goods issue was taken.