Kambo’s Enters Administration, Buyers Circle
Iconic WA retailer, Kambo’s, has entered administration, resulting in the closure of all company-owned stores over the weekend – news which has caught the interest of several interested buyers.
Previously known for shifting significant volumes of whitegoods, Kambo’s is said to be in the hands of administrators Hall and Chadwick.
All Kambo’s outlets were reportedly closed on Saturday, with website and phone lines also down.
As per The West Australian, the company has received several offers from interested buyers, and is currently amidst a stocktake to ascertain its financial position.
A franchisee-owned Kambo’s outlet in Harvey is reportedly not included in the administration.
Under the directorship of Peter Kambouris, Kamb Investments Pty Limited owns seven Kambo’s and premium ‘Liebe and Haus’ outlets in WA.
Analysts claim a slowdown in the WA economy, coupled with the rise of online shopping and housing market decline, attributed to the iconic retailer’s closure.
The Kambouris family opened their first retail store in Perth in the 1960s.
Local Consumer Protection Commissioner, David Hillyard, asserts consumers who are awaiting stock – paid outright or via lay by – are potentially at risk, pending further information from administrators.
The news follows a recent decline in The Good Guys earnings report, citing increased competition and margin pressures in its appliance division.
Just last week, Kogan.com announced its entrance into the whitegoods market, which is set to launch later this year.
Local whitegoods competition has continued to grow, following heightened pressure from budget entrants such as ALDI.