HIH went into liquidation in March, and the list of victims is beginning to look like a phone book. How did it all go so wrong? If everybody knew that HIH had serious financial problems, what were the directors, the auditors and the regulators doing? It was about dodgy accounting practices in American dot coms.
Harris Scarfe is the only remaining store group. Lanyon, arrived in Adelaide South Australia on the ship, "Candahar", to establish a hardware and ironmongery business.
One of their first known advertisements in the local Adelaide paper was on 11 April Lanyon left the partnership on 22 February and returned to London, where he subsequently opened up a buying house for Geo.
P Harris and other businesses in South Australia. This firm acted as the London house for many years. Additional partners, George Scarfe and Richard Smith, joined the business inon a hhandshake The deeds were drawn up on 10 July Harris Scarfe grew to become a major supplier of a broad range of household, agricultural and industrial items.
P Harris returned to England in where he died on 26 November that year, aged George Scarfe continued on as chairman of the business until he died on 14 Aprilaged Their devotion to the business was such that the present company continues to carry the names of its founders.
Besides conducting its retailing business from its Adelaide premises, Harris Scarfe manufactured leather goods, including saddlery and luggage. It also had a wholesaling operation, with a team of commercial travellers who visited country regions throughout South Australia.
This business was supported with a promotional product catalogue, which became well known in country areas. The Rundle Street now Rundle Mall store continued trading, with expansion of its frontage to establish a new womenswear department.
Trescowthick wished to acquire Harris Scarfe, and his research indicated that the cheapest way of doing so was to take over its parent company. The Trescowthick era started with growth and ended with collapse in The Rundle Mall department store continued to prosper, offering a broad range of items at "value for money" pricing, with aggressive advertising.
Sales were facilitated by a range of purchase options, including an in-house credit card and lay-by. These catalogues were broadly distributed in the Sunday Mail newspaper.
As a result, Harris Scarfe built a large phone and mail order business, supported by the advertising catalogues. It expanded from its single large store in Rundle Mall into a smaller format for suburban and regional shopping centres several of these stores were formerly occupied by the defunct Venture chainas well as acquiring full-line department store sites from other retailers including David Jones Cairns, Townsville and Campbelltown NSWJohn Martins Elizabeth and ArndaleMyer ColonnadesCentre Fair Shepparton and Stirlings Albany, Bunbury and Geraldton.Over the last year or so, Australia has seen a series of corporate collapses unparalleled since the recession of – Notable failures have included those of, the retailer Harris Scarfe, HIH Insurance, telecommunications companies including OneTel, and, most recently, Ansett Airlines.
Harris Scarfe collapse, our investigation will solely focus on the issues about the management and what went wrong in the corporate governance and how the second set of books. THE HIH COLLAPSE: A COSTLY CATALYST FOR REFORM GREGOR ALLAN∗ [This paper examines the corporate governance and audit law reforms wrought in the wake of recent corporate scandals such as the HIH collapse.
It considers the cost of these reforms and, using HIH as a principle reference point, the likely benefits. Excerpt from Essay: Corporate Governance in Harris Scarfe: Harris Scarfe Department Stores is a company that was founded in in Adelaide, South Australia and housed various major South Australian department stores.
THE HIH COLLAPSE: A COSTLY CATALYST FOR REFORM GREGOR ALLAN∗ [This paper examines the corporate governance and audit law reforms wrought in the wake of recent corporate scandals such as the HIH collapse.
It considers the cost of these reforms and, using HIH as a principle reference point, the likely benefits. Harris Scarfe collapse, our investigation will solely focus on the issues about the management and what went wrong in the corporate governance and how the second set of .