December is supposed to be the busiest time of the year for retailers as Christmas approaches and shoppers make last-minute purchases. But that wasn't the case for South Australian retail icon Harris Scarfe, which had been struggling for years with loss-making stores and hefty debts.

Instead, a shock move by new private equity owners Allegro Funds to place the mid-market department store chain into receivership last month, within a week of taking control in November, appeared to be a calculated move to escape onerous leases and force landlords to cut rents.