Harris Scarfe saved from collapse as Spotlight acquires retail icon
Australian discount department store Harris Scarfe has been rescued from receivership after fabric and home fittings store Spotlight agreed to buy the 170-year-old business.
The future of the retailer’s 44 stores and about 1,300 staff is yet to be determined as Spotlight and receivers at Deloitte continue discussing the details of the transaction. According to the Sydney Morning Herald, the settlement could be finalised by mid-April.
“There is still a lot of work we need to do together to finalise the transaction and we will be working with the Spotlight Group and the Harris Scarfe leadership team to make this happen,” said Vaughan Strawbridge, partner at Deloitte Restructuring Services.
“We are hopeful all of the 44 stores will be retained under the sale but ultimately, this will be dependent on how the transaction progresses over the next couple of weeks.”
The retail chain fell into receivership in December and closed down 21 stores in early January as receivers at Deloitte sought a buyer.
Harris Scarfe is one of the many brands which have collapsed in recent months, with Ishka, Colette by Colette Hayman, Jeanswest, Curious Planet and Bardot entering voluntary administration.