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The fate of Melbourne based retailer Clive Peeters appears to be doomed with major investors dumping the stock during the past week. Among those to have bailed include Westpac, BT Funds Management and Kap Investments.
The fate of Melbourne based retailer Clive Peeters appears to be doomed with major investors dumping the stock during the past week. Among those to have bailed include Westpac, BT Funds Management and Kap Investments.
The moves have seen the Clive Peeters stock crash over 13% to be $0.65 at 12 noon on Friday. According to a major vendor attending the SmartHouse Best Of The Best Awards last night in Sydney the future for the struggling retailer is looking bleak.
“We are now concerned and so is our insurance Company. Several exposed entities that we have spoken to are now starting to look at writing off potential losses. We for one have a significant exposure” they said.
A big concern for many investors has been the opening of a new 3,500 square metre store in Coburg Victoria. With the fit out costing close to $3M dollars it appears that the store is struggling to attract consumers.
Close to the Pasco Vale operations of Harvey Norman and JB Hi Fi the new store with a 1000square metre warehouse is a destination location with one major competitor claiming that it will struggle despite it being close to a Bunning’s store.
“The appliance market is dead at the moment and consumers shopping for consumer electronic goods are walking from one store to another to check out the deals. They are not going to get in their car and drive solely to an isolated Clive Peeters store” Said a senior executive of a major appliance retailer.
