Another one goes down.
Clive Peeters has been placed into administration.
A downturn in the retail sector and a $20 million ** by an employee last year are believed to be behind the news.
The company said earlier in May its operating loss for the three months to March 31 was expected to be $4.5 million compared with a loss of $600,000 for the same period last year.
The company employs 1300 staff across Australia.
This morning shares in Clive Peeters were placed in a trading halt, with the company saying it was in talks with its financiers.
Last year a Clive Peeters employee was sacked for taking nearly $20 million from the company and using the funds to buy properties.
http://www.3aw.com.au/blogs/3aw-generic-blog/clive-peeters-into-administration/20100519-ve1f.html
Hopefully no one has a deposit on anything with them