ASX-listed retailer, Clive Peeters (ASX:CPR) has appointed McGrathNicol as voluntary administrators.
In a statement, McGrathNicol said its representatives were “conducting an urgent appraisal of the company’s affairs” to determine if the underlying business can be preserved.
Clive Peeters has been battling to survive for some time posting significant losses and began legal proceedings against one of its own staff members for an alleged multi-million dollar accounting fraud in August last year.
In a statement to the ASX at the time, the retailer claimed a staff member had falsified entries in payroll accounts and transferred cash out of the business into a personal bank account to buy and sell real estate.
A first meeting of creditors will be held no later then 28 May with further details to be announced shortly.
“We are mindful that many stakeholders will be affected by the appointment of voluntary administrators to Clive Peeters, including employees, suppliers and other creditors, customers, lessors and shareholders,” administrator Colin Nicol said in a statement.
“It is hoped that the business can be stabilised and can continue to trade in one form or another beyond this administration. In the circumstances, this would represent the best outcome for all parties.”