Fairfax Media has obtained the annual report of liquidator Deloitte into Retail Adventures Pty Ltd, which entered voluntary administration on October 26, 2012.

The administrators sold the business to DSG Holdings on March 13, 2013 and the company went into liquidation on February 3, 2014.

The annual report dated April 27 says the estimated dividend of 17.44 cents is higher than earlier predictions of up to 15.32 cents.

The liquidator initiated legal action in the NSW Supreme Court in October 2015 against 18 creditors who it identified as having received almost $50 million in preferential payments before the company went into voluntary administration.

The annual report reveals almost $8.5 million was recovered.

The final dividend is subject to collection of settlement funds, the finalisation of two public liability claims, proofs of debt and appeals.

Kathmandu founder Jan Cameron bought the discount variety chain out of receivership in March 2009, hoping it would fund her philanthropic activities.

At its peak the chain had more than 300 stores trading as Crazy Clark's, Sam's Warehouse, Go-Lo and Chickenfeed.

After racking up losses of $114 million between 2010 and 2012, Retail Adventures collapsed for the second time.

The first creditors' meeting in November 2012 heard Retail Adventures "examined every possible measure to reduce costs without going into administration".

Almost 1700 unsecured creditors were owed $97.6 million excluding landlord and employee claims.

In the first year following acquisition the company closed 80 unprofitable stores at a cost of $28 million and in the second year closed its distribution centres in NSW and Tasmania.

Retail wages were found to have been around five per cent above market benchmarks for three years, resulting in variable cost overspends of almost $7 million per year.

This was identified by senior management, but efforts to reduce wages were unable to take effect in time to stabilise the business.

In order to preserve leases on acquisition, creditors heard the company agreed to uncommercial leases at above market rents, costing more than $7 million a year.

In July 2014, Ms Cameron told Fairfax Media she was relieved that her five-year foray into the struggling discount variety sector had come to an end.

"I'm relieved that I can stop worrying and trying desperately to make the company work," she said.

"I don't feel bitter (but) disappointed for all the staff. Some of them are finding jobs, but it will be very difficult for others."

The liquidator says in the annual report that payment of a final dividend is expected to be made in December.