Debts of electrical appliance retailer Clive Peeters have now ballooned to $140 million after the National Australian Bank has called in receivers to seize control of the company.

The board of Clive Peeters have handed the responsibility on its voluntary administrators on Wednesday, without knowledge that NAB also appointed receivers the same day.

Phil Carter and Daniel Bryant, both receivers of advisory firm PPB, said they will carry on a formal sale of Clive Peeters' assets and are reportedly having a number of inquiries from potential buyers.

Mr. Carter disclosed that some purchasers are willing to buy the entire business.

Harvey Norman, an electrical firm, expressed its interest to buy several of Clive Peeters' stores, but not the entire company.

"They have so many loss-making shops that can't be turned around," executive chairman Gerry Harvey said.

JB Hi-Fi, a rival company, also ruled out buying any of Clive Peeters' stores or the entire company. However, its chief executive Richard Uechtriz said he is eyeing for a lease in some store sites and convert it to JB Hi-FI outlets.

Mr. Uechtriz said if Clive Peeters decides to pull the plug, the rest of the retailers will gain additional customers.

"It's not a nice thing to happen to Clive Peeters staff . . . but that would free up something like $500m of sales to be split among the rest of us," he said.

On the other hand, Mr. Carter will put on an effort to stabilize the remaining business operations with 1300 staff remaining in employment across Clive Peeters chain stores.

Mr. Carter said it is unavoidable for the business to suffer, however, he promises it will be for a short period only. He also assured customers to update them with the latest developments on its new operations.