AUSTRALIA: Failed Discounter Sale "Imminent"
Retail industry sources say failed discount retail chain, Harris Scarfe, could be sold late next week.
But the price for the company, Australia's third largest retailer, looks like being between $90 million and $110 million.
Originally, newspaper reports suggested that the chain of 35 stores might sell for around $A150 million but this was later reduced to $A130.
Three main contenders are still in the running for the chain which went into voluntary administration in April after accounting regularities were found.
They are a Perth syndicate led by Toorak Holdings and including a West Australian property developer, a Melbourne syndicate of investors which involves Adam Trescowthick and the Melbourne-based Dimmey's discount retail chain.
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