AUSTRALIA: E-tailer Is Latest Contender In Harris Scarfe Bid
Toorak Holdings, the company behind Perth-based e-tailer Starmall, is this week meeting with the receivers handling the sale of department store chain Harris Scarfe.
Clif Edwards, the sole director and shareholder of Toorak Holdings, told the West Australian that Starmall had been talking with Harris Scarfe about its purchase of online retailer 'dstore' when the company was put into receivership on 6 April with debts of A$160m. "We had been speaking to them about a business plan model to integrate dstore into Harris Scarfe, and then when they fell over we looked at making a bid for the dstore," he said.
This bid has now extended from just dstore and includes all 35 stores in the Harris Scarfe chain. High on the agenda for this week's discussions, which take place in Melbourne and Adelaide, are finance and the formal bid procedure.
A price tag of around A$190m has been placed on Harris Scarfe, and the receivers hope to sell the company as a whole. They are also keen to settle the deal by the end of June.
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