Dick Smith is shutting its doors for good. Picture: AAP/Julian Smith
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.
Receivers this afternoon did not offer any further update on the status of gift card holders, who are classed as unsecured creditors of the company.
Dick Smith’s 2,460 Australian staff are expected to be paid their entitlements in full.
The 430 New Zealand employees are expected to be paid in full up to a maximum statutory limit of $NZ22,160 under New Zealand law.
Mr Stewart said it was a very disappointing outcome for the employees who have given loyal service to the business.
“We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process,” he said.
Employees across head office and stores were briefed this afternoon. The receivers said they would be provided with appropriate outplacement support.
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