'It was only taken after careful consideration and pursuit of all other strategic options including a sale.
'Given the changing and challenging face of retail business these options regrettably were not viable.’
Of the Queensland R.T. Edwards store closures, Mr Palmer said: ‘Our success, as a Queensland family owned business was built around generations of wonderful employees, valued customers and business partners and a mission to make electrical and home appliances affordable and accessible to more and more homes and families.
‘We take this moment to thank everyone. We look back with pride on our contribution… the jobs we created, the economic growth that we drove and the choice and services we provided to generations of Queenslanders.’
The companies have said that there will be no impact on existing rental agreements and all gift cards will be honoured. They add that details of store closures will be released over the coming months, with a series of sales to clear floor stock.
Radio Rentals in South Australia is not connected to Radio Rentals in another states. Radio Rentals in South Australia is owned by Peter and Barry Walker, who also own R.T. Edwards.
“The Walker family is a retailer of electrical and furniture goods based in South Australia (SA). The Walker family uses the business name Radio Rentals in SA,” a statement issued by the Walker family said.
“There is absolutely no connection between the SA company and another company with the same name that operates in the other states, such as Queensland.’