Electricals retailer Harvey Norman has announced that it has bought competitor Clive Peeters following its entry into voluntary administration after a difficult trading period.
The company paid A$55m (£30.4m) for the 38 operating Clive Peeters and Rick Hart shops.
The deal is expected to add between Aus$300 and Aus$400m (£166.1 and £221.5m) a year to Harvey Norman’s sales.
Chairman Gerry Harvey said: “We were always interested in Clive Peeters, but we couldn’t make a bid for it because it had a number of onerous leases.”
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