H. G. PALMER STORES
24 Closed (N.Z. Press Assn. —Copyright) | SYDNEY, February 8. The largest Australian electrical retailer, H. G. Palmer (Consolidated) Ltd., has ceased trading at 24 of its stores, in the latest move to restore the company’s financial position. Fourteen of the stores are in New South Wales, five are in Victoria, three in South Australia and two in Queensland. . There are still 121 H. G. Palmer stores in operation throughout Australia. The receiver of the company, Mr C. H. R. Jackson, announcing the closure yesterday, said that about 90 of the 200 staff employed at closed stores have been retrenched. The rest have been retained indefinitely. Mr Jackson was appointed receiver of the company last October after it breached its debentures trust deed. The company is a whollyowned subsidiary of the Mutual Life and Citizens Insurance Company, Ltd. The directors of H. G. Palmer have indicated that the company is trading unprofitably, and details are expected to be given in a statement of the company’s affairs to be released within the next week.
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Press, Volume CV, Issue 30980, 9 February 1966, Page 17
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176H. G. PALMER STORES Press, Volume CV, Issue 30980, 9 February 1966, Page 17
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