Harris Scarfe Collapse: 40% of Department Stores to Close

Administrators plan to close 40 per cent of Harris Scarfe’s national store network in a bold plan to make the ailing department store viable for sale,The Weekly Times reported. Deloitte Restructuring Services sent a flyer to prospective buyers outlining a dramatic restructure, according to The Australian Financial Review, which included shutting 27 of the 66 stores. The closures will mainly focus on the less-profitable sites in New South Wales, Queensland and Western Australia. The 170-year-old department store institution, founded in central Adelaide, was rescued from bankruptcy in 2001 and has changed hands four times since. But retail experts say the recent plunge back into receivership will be the final chapter for the $380 million national chain, leaving more than 1800 staff unemployed. Read more