Harris Scarfe Bidding War: Private Equity Firm Takes Aim

The bidding war to acquire Harris Scarfe is heating up, with Australian equity firm Alceon believed to be one of four parties weighing in.

Harris Scarfe, currently in receivership through accounting firm Deloitte, collapsed last December, leaving around 180 employees of the 170-year-old department store without jobs.

But Alceon has set its sight on acquiring the failed chain during a time it plans on developing its own online department store, fronted by high-profile model Jennifer Hawkins.

(AAP Image/Kelly Barnes)

The private equity group, run by investment bankers Trevor Loewensohn, Richard Facioni and Phil Green – has also been in separate discussions with other retailers about acquisitions.

Harris Scarfe receivers and managers are in the works to shut down 21 stores by early February in a bid to offload the remaining operations.

It’s understood the stores most impacted are located in NSW, Victoria and Queensland.

(AAP Image/Dean Lewins)

But Alceon faces tough competition – Myers is reportedly another department giant contending for the Harris Scarfe acquisition.

Initial conversations surrounding the acquisition involved 20 interested buyers, but contest has now narrowed to around four buyers with final bids due by 14 February.