Sam's Warehouse
Encyclopedia
Sam's Warehouse is an Australian brand of discount retail stores, similar to Crazy Clark's
. It was founded in 2008 after the The Warehouse sold its Australian operations to Australian Discount Retail
, and the stores were required to be re-branded. There are currently 81 Sam's Warehouse stores in Australia.
and Silly Solly's retail chains. At the time of purchase, these chains had around 117 stores. In 2003 the company built a $33 million (AUD) distribution centre in Queensland, to service the country.
However, in 2005, the Australian operation was under-performing. Sales for 2005 were at $518.8 million (AUD), compared with $567.3 million (AUD) in 2004. The Warehouse Group Limited announced in November 2005 that it had entered into a conditional agreement to sell The Warehouse Australia business to Catalyst Investment Managers and its parent PPM Capital Limited (together, Catalyst) and Castle Harlan Australian Mezzanine Partners, acting on behalf of the CHAMP I and CHAMP II funds (CHAMP) for A$92 million (NZ$99m). The new entity was known as Australian Discount Retail
(ADR). As part of the transaction, The Warehouse Australia's Sydney Head Office would be sold to Investec Wentworth Specialised Property Trust.
Due to the change in ownership, Australian Discount Retail was required to re-brand all Australian Warehouse stores to avoid any potential brand confusion. At the start of 2008, the company began re-branding all stores with the name, "Sam's Warehouse". By the end of 2008, all The Warehouse stores in Australia had been completely re-branded.
At the start of 2009, Australian Discount Retail went into voluntary administration with debts of over $90 million. The size and scale of Australian Discount Retail made this the biggest collapse of an Australian retail business in over five years. Shop Distributive and Allied Retailers Association's Joe De Bruyn stated that the collapse should not just be blamed on the financial crisis
, but the nature of its merchandise and poor management.
On 23 March 2009 it was announced that the company had been sold to Retail Adventures Pty Ltd, a company owned by Australian millionaire Jan Cameron
, the former owner of Kathmandu, for an undisclosed sum.
Crazy Clark's
Crazy Clark's Discount Variety Store is an Australian company that operates over 150 Discount Variety stores in its chain across Queensland, New South Wales, Northern Territory and Western Australia. The company also owns and operates a chain store called Go-Lo. Crazy Clark's sells clothing,...
. It was founded in 2008 after the The Warehouse sold its Australian operations to Australian Discount Retail
Australian Discount Retail
The Retail Adventures group is the largest discount variety retailer in Australia following the acquisition of Australian Discount Retail in 2009....
, and the stores were required to be re-branded. There are currently 81 Sam's Warehouse stores in Australia.
History
In 2000, The Warehouse expanded its New Zealand chain of discount stores into the Australian retail market. It acquired the Clint's Crazy BargainsClint's Crazy Bargains
Clint's Crazy Bargains was established in November 1978, as a partnership between David and Kerry Rickards, and Norm and Sue O'Neill.Clint's Crazy Bargains was a retailer of discount variety merchandise including gifts, cosmetics, clothing, books, craft goods, hardware, stationery, toys, jewellery,...
and Silly Solly's retail chains. At the time of purchase, these chains had around 117 stores. In 2003 the company built a $33 million (AUD) distribution centre in Queensland, to service the country.
However, in 2005, the Australian operation was under-performing. Sales for 2005 were at $518.8 million (AUD), compared with $567.3 million (AUD) in 2004. The Warehouse Group Limited announced in November 2005 that it had entered into a conditional agreement to sell The Warehouse Australia business to Catalyst Investment Managers and its parent PPM Capital Limited (together, Catalyst) and Castle Harlan Australian Mezzanine Partners, acting on behalf of the CHAMP I and CHAMP II funds (CHAMP) for A$92 million (NZ$99m). The new entity was known as Australian Discount Retail
Australian Discount Retail
The Retail Adventures group is the largest discount variety retailer in Australia following the acquisition of Australian Discount Retail in 2009....
(ADR). As part of the transaction, The Warehouse Australia's Sydney Head Office would be sold to Investec Wentworth Specialised Property Trust.
Due to the change in ownership, Australian Discount Retail was required to re-brand all Australian Warehouse stores to avoid any potential brand confusion. At the start of 2008, the company began re-branding all stores with the name, "Sam's Warehouse". By the end of 2008, all The Warehouse stores in Australia had been completely re-branded.
At the start of 2009, Australian Discount Retail went into voluntary administration with debts of over $90 million. The size and scale of Australian Discount Retail made this the biggest collapse of an Australian retail business in over five years. Shop Distributive and Allied Retailers Association's Joe De Bruyn stated that the collapse should not just be blamed on the financial crisis
Financial crisis
The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these...
, but the nature of its merchandise and poor management.
On 23 March 2009 it was announced that the company had been sold to Retail Adventures Pty Ltd, a company owned by Australian millionaire Jan Cameron
Jan Cameron
Jan Cameron, CNZM is Australia's forth richest woman and the founder of the Kathmandu clothing company. She currently lives in Bicheno, Tasmania. She currently runs various companies and business interests, which together span Canada, America, Britain, New Zealand and Australia...
, the former owner of Kathmandu, for an undisclosed sum.