Wetherill Park. Retailer closes warehouse

Clive Peters, consumer electronics retailer, has closed its NSW warehouse, at Wetherill Park, several under-performing stores and slashed annualised costs by 20 per cent, in a bid to return to profitability. “The worst is over because we’ve re-engineered the model and our assumption for 2010 is based on no improvements in retail conditions. The plan is, when the cycle does eventually turn, to try to leverage off that same cost base and improving revenues, which will go straight to the bottom line,” said MD and major shareholder, Greg Smith, in The Australian Financial Review.