l Walley, Phil Carter, and Mark Robinson of PPB Advisory have begun a review of Homeart’s financial position and are expected to close unprofitable stores. The administrators have advertised for expressions of interest for the business which started at the Croydon market in Melbourne’s eastern suburbs in 1979. Originally known as Copperart, the chain included a network of franchise stores before striking financial difficulties that prompted a restructure and rebranding as Homeart. Founder, Aart van Roest, has served as an office-bearer of the Franchise Association of Australia and is former president of the Australian Retailers Association. Homeart is one of Australia’s largest specialty retailers, selling a wide range of consumer goods including household items such as homewares, manchester, electrical appliances, and furniture goods. Daniel Walley, PPB Advisory partner, said the immediate priority of administrators is to conduct a review of the business that will allow them to explore all possible options, including a possible sale as a going concern. “In the meantime, the business will continue to trade on a business as usual basis,” Walley said. “We are working constructively with Homeart suppliers, business partners and its dedicated team of 600 staff to ensure we achieve the best possible outcome for the business.” While PBB has yet to detail the reasons for the Homeart collapse, it is understood the chain had suffered a decline in sales and was carrying a number of unprofitable locations. Competition from discount department stores, particularly Kmart, Big W, and Harris Scarfe, has also apparently impacted on customer traffic and sales. It is also understood to have been struggling to buy stock with the falling Australian dollar. The first meeting of creditors is to be held on February 3, while expressions of interest for the purchase of all or parts of the business should be lodged with PPB Advisory by February 6. This story first appeared in Inside Retail PREMIUM issue 2031. To subscribe, click here.