Failed discount department store Harris Scarfe is set to survive with fabric and home fittings store Spotlight lined up to acquire the business out of receivership.
Harris Scarfe entered receivership in December last year after a horror year for Australian retail, with stores struggling with low consumer confidence and weak trade. In an effort to preserve the well-known brand, 21 stores were shut in early January as receivers at Deloitte sought a buyer.
It was revealed in late February that four major parties were vying for the brand and its remaining 44 stores, and in a statement this morning it was revealed Spotlight Group had been granted exclusivity to purchase the business.
Spotlight Group, owned by rich listers Zac Fried and Morry Fraid, operates Spotlight and Anaconda stores in Australia and New Zealand, along with a significant property portfolio. The two are also major shareholders in recently floated real estate company HomeCo.