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Jan Cameron pays up

 

Sams warehouse, jan cameronJan Cameron has agreed to pay $13.84 million to settle a potential insolvent trading claim, following the collapse of her company, Retail Adventures, two years ago.

The settlement was announced on Monday by Retail Adventure’s liquidator, Deloitte partner, Vaughan Strawbridge.

Cameron regained control of the struggling discount chain, which operated more than 200 Sam’s Warehouse, and Crazy Clarke’s stores, in September, after convincing creditors to accept a $5.5 million return rather than placing it into liquidation.

Deloitte was pursuing Cameron for more than $100 million for insolvent trading, preferential payments, and an invalid loan.

The $13.84 million settlement comprises of $12.5 million for the insolvent trading claim, and $1.34 million settlement for related party preference claims, and brings the total funds recovered to date up to $19.89 million.

Inside Retail reported in June that Cameron was waving a white flag, as her private company, DSG Holdings, which bought Sam’s Warehouse and Crazy John’s, was looking to be forced into administration for the third time in five years.

To date, Cameron is estimated to have lost more than $200 million in her discount retailing ventures.

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