DICK SMITH TO CLOSE: CHAIN TO SHUT DOWN AFTER RECEIVERS FAIL TO WIN ‘ACCEPTABLE’ OFFERS.
A very sad day today. We have done work for years for Dick Smith but this is a sad end for everyone. DICK Smith stores are to close after the troubled electronics retailer failed to find a suitable buyer, the receivers announced this afternoon.
The move leaves nearly 3000 employees out of work as the 301 Australian stores and 62 in New Zealand shut their doors over the next eight weeks, according to receivers Ferrier Hodgson.
The embattled business has been searching for a buyer since falling into voluntary administration last month, but receiver James Stewart said no deal had emerged.
“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 stand-alone businesses,” Mr Stewart said.
“The offers were either significantly below liquidation values or highly conditional or both.”
Thousands of angry customers were left empty-handed following the voluntary administration when receivers announced gift cards and deposits would not be honoured.