Retailer Harvey Norman today, confirmed the purchase of 32 stores from the failed Clive Peeters chain. Harvey Norman paid $55 million for the stores.

The acquisition also included clearance centres and some warehousing facilities of strategic value. According to the deal, most of the staff will continue with their jobs.

Most of the money would go in repaying Peeters's only secured creditor, National Australia Bank, to which it has to pay $38 million.

Apart from the bank, about $48.5 million were claimed, by the unsecured creditors at the first meeting that was held at the end of May. It is predicted that the total claims might be close to $70 million.

At the time of Peeters's ruin, Electrolux alleged that it was owed $9.75 million, LG Electronics $8.78 million, and Fisher & Paykel $7.23 million. Several others, such as Sony, Panasonic, Bosch Siemens, DeLonghi and Hagemeyer Brands, were owed more than $1 million.

Lumley Insurance, who covered the extended warranty sales of Peeters, declared that they were owed more than $2 million. Radio, TV and media business groups were also demanding a total of about $2 million for unpaid advertising.

One of the smallest creditors was website developer, White Labelled, which said that it was owed $87,000 for designing the Clive Peeters site, for which it had won an award.