Harris Scarfe has a plethora of potential buyers at its doorstep following its voluntary administration in November 2019.
The retailer, who was sold to Allegro Funds late in 2019, appointed Deloitte Restructuring Services for the auction of the brand.
Some of the interested retailers include Spotlight, who has been heavily pushing the idea of entering shopping centres, just as Harris Scarfe had done. Other promising names that are keen with interest include Briscoe Group.
Around 40 percent of the Harris Scarfe stores are reported to close, but if the sale of the brand is quick, it may prevent further closures and save jobs along the way.
“The Harris Scarfe team have excelled in supporting staff to find new employment and is very grateful to the other retailers who have actively supported the process to find employment for the staff impacted,” said Vaughn Strawbridge, a partner at Deloitte Restructuring Services. “All those staff who have been impacted have received all their wages and entitlements in full.”
Deloitte noted that Harris Scarfe is an ‘unearthed retail diamond’ with e-commerce growth of 26 percent. As a result of this restructuring, it’s expected that up to 44 stores will be up for sale.
More to come.
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