Adelaide-based discount retailer Palcove Pty Ltd, trading as Cheap as Chips, has entered voluntary administration and signed a sale agreement with Choice the Discount Store, subject to a proposed business restructure.
WLP Restructuring Partners Glenn Livingstone, Benjamin Ho and Nicholas Charlwood have been appointed as voluntary administrators of both Palcove Pty Ltd and its subsidiary Waimea Pty Limited. The administrators will review the proposed transaction and oversee the restructure process.
Cheap as Chips operates 47 stores across South Australia, Victoria and New South Wales, along with its e-commerce operations, and employs approximately 525 staff.
Under the terms of the sale agreement, Choice has agreed to…