Electrical goods retailer Clive Peeters yesterday called in administrators, as flagging sales and difficult trading for most of the last year made it impossible to renegotiate $38 million in borrowings, more than $109 million in trade payables and sundry liabilities.National Australia Bank is the provider of most of the bank debt to the group, according to The Age and also the Herald Sun. HSBC is the supplier of merchant finance to the company's network of 49 shops. It is not clear who the retailer's acquiring bank is for credit card payments, but they may also be looking at losses depending on the ability of the administrators to sell or restructure the business.Clive Peeters was squeezed on many fronts, including a crowded market segment serviced by other chains (many with more shops and bigger advertising budgets), competition from niche merchants (some retailing only on the internet) as well as its own missteps. The theft of close to $20 million by a senior finance staffer (uncovered in August 2009) is the chief reason for poor trading (and operating losses) over the last year according to management.Interest rate rises are also cutting discretionary spending, something evident in wider retail sales data and sales reports from larger retailers (including from David Jones yesterday).