Dick Smith Electronics will soon be no more.
Receiver Ferrier Hodgson today confirmed that all Dick Smith stores will close across Australia and New Zealand. Move airport locations will not be affected.
“While we received a significant number of expressions of interest from local and overseas parties, unfortunately the sale process has not resulted in any acceptable offers for the group as a whole or for Australia or New Zealand as standalone businesses,” Ferrier Hodgson’s James Stewart said. “The offers were either significantly below liquidation values or highly conditional or both.”
In Australia, 301 stores will be closed and approximately 2,460 staff members will lose their jobs. In New Zealand, 62 stores and approximately 430 staff are now out of work.
Employee payments have been prioritised, ahead of secured creditors. It’s believed employees will be paid in full.
Dick Smith Electronics went into voluntary administration in January this year.
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