Sam Warehouse’s closure is now just matter of time

Sam’s Warehouse in North Albury is advertising its imminent closure, but receivers for parent company DSG Holdings say the store is safe for now.
Pictures: PETER MERKESTEYN

Sam’s Warehouse in North Albury is advertising its imminent closure, but receivers for parent company DSG Holdings say the store is safe for now. Pictures: PETER MERKESTEYN

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NORTH Albury discount retailer Sam’s Warehouse will continue its “closing down” sale despite once again avoiding the axe, for now.

It was announced yesterday that another 26 stores in DSG Holdings’ two retail chains would shut by July 27.

These include mainly Crazy Clarks stores, but for the second time the Border’s Sam’s Warehouse has not made the list.

That is despite the store displaying the sign “closing down sale — yes we are closing”.

A spokesman for the receivers, KordaMentha Restructuring, said this was part of the strategy of trying to save some stores for resale.

The spokesman said all stores were in “closing down sale mode” as the businesses were assessed for profitablity on a daily basis.

“They will stay open until they have run out of stock, or the receivers decide to close them, or they are purchased by one of the bidders,” he said.

Sixty-six stores across Australia have closed since receivers were appointed on July 1.

The closures have affected more than 1000 mainly part-time employees.

A two-week expressions of interest campaign to find buyers for the remaining stores — there are 143 across the two chains — closed on Thursday.

“There were more than 55 expressions of interest,” the spokesman said.

“They will now be asked to submit firm bids for the assets they want.

“It will take some time to assess the bids.”

The receivers hope the ongoing sales at the North Albury Sam’s Warehouse and other stores will help staff who have or are about to lose their jobs.

Discounts of up to 50 per cent apply at all stores, which stock household goods including furniture, clothing and leisure items.

“This will help the receivers raise the cash to pay employee entitlements, which total about $10 million,” the spokesman said.

“The receivers hope to pay all staff entitlements by the end of September, but that will depend on selling stock and parts of the business.”

The latest list for closure include a Deniliquin Crazy Clark’s and Swan Hill’s Sam’s Warehouse.

Eighteen people will lose their jobs at Deniliquin, including five full-time staff.

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