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Speculation has emerged Harvey Norman Holdings Limited (ASX:HVN) could be gearing up to close more stores after revealing it will place three of its wholly owned franchisees into administration.
The announcement from the electronics retailer came just two minutes before the market closed at the end of last week.
The stores that will be closed are in O'Connor and Mandurah in Western Australia and in Bendigo in Victoria.
At the beginning of last week Harvey Norman reported a sharp drop in profitability, with September quarter sales down 3.8 per cent globally and down 2.9 per cent in Australia.
Shares in Harvey Norman Holdings last traded at $2.04.
In the 2011 financial year Harvey Norman Holdings increased its net profit 9 per cent to $259.6 million.
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Last
$5.93 |
Change
0.050(0.85%) |
Mkt cap ! $7.388B | |||
| Open | High | Low | Value | Volume |
| $5.90 | $5.98 | $5.88 | $7.358M | 1.240M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 4 | 6143 | $5.93 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $5.94 | 373 | 1 |
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| Last trade - 16.10pm 12/08/2025 (20 minute delay) ? |
| HVN (ASX) Chart |