Harvey Norman Holdings is set to deliver a cheque for more than $55 million today to seal the deal involving its takeover of more than 30 branches in the Clive Peeters retail chain.

While Gerry Harvey's electrical and computer retail chain has offered more for the Peeters stores, brands, stock and shop fittings, it will get a rebate for taking on what is expected to be most of the latter's 1200 remaining staff.
The acquisition cost covers not only stores, but clearance centres and several warehousing facilities of strategic value.

Most of the proceeds will go to repaying National Australia Bank, Peeters's only secured lender, which is owed about $38 million.

In addition to this, around $48.5 million in claims were recorded at the first meeting of unsecured creditors to Peeters at the end of May. The total is understood to be almost $70 million.

On those numbers, unsecured lenders are likely to get at least 30¢ after NAB takes its share. However, those figures will vary depending on how receivers and managers of PPB, Phil Carter and Daniel Bryant, handle the assets remaining.

The lines are further blurred because the several of the largest creditors on Peeters's books are suppliers, who believe stock held by Peeters at the time of its demise belongs to them, and not the retailer.

Electrolux said the retail chain owed it $9.75 million, whiled LG Electronics claims $8.78 million and Fisher & Paykel $7.23 million. Panasonic, Sony, Bosch Siemens, DeLonghi and Hagemeyer Brands were all demanding more than $1 million.