Dick Smith is closing down, with receivers for the electronics chain, Ferrier Hodgson announcing the news yesterday.
All stores across Australia and New Zealand will close over the next 8 weeks, aside from the Move airport locations.
Receiver James Stewart said that while there was “a significant number of expressions of interest” there were no acceptable offers and the decision was made to shut down the 48-year-old chain founded by the entrepreneur and adventurer whose name still carries the brand.
Approximately 2,460 staff will lose their jobs when 301 stores close in Australia along with 430 staff from 62 stores in New Zealand, with all receiving redundancy payouts, unless they resign earlier.
While sad news for all employees and for the iconic Australian brand, it’s good news for consumers, with a letter obtained by Business Insider revealing that the electronics chain will hold a fire sale of remaining stock from today across the country.
Prices will be slashed in most cases between 20-40%, with some items reduced drastically more. Products will receive further discounts as the sale continues.
These are the discounts for major products:
Apple products, including iPhone, iPad, Apple Watch: 5%
Apple cables: 30%
Game consoles and games: 20%
All TVs: 20%
Samsung phones, tablets and TVs: 20%
All Smartphones (Except iPhone): 20%
Microsoft, including Windows and Office: 20%
DSLR cameras: 20%
Headphones, including Beats: 30%
The Dick Smith staff discount has been removed for all employees.
And shares in rivals JB Hi-Fi and Harvey Norman have jumped on news of the closure.
Ferrier Hodgson has told the stores that it has engaged the British retail stock realisation specialist Hilco to help with selling the remaining stock and the store closure process.
“Over the next two days your store will receive sale signage and further instructions from representatives of Hilco,” the receivers told store managers.
The sale will continue over the next 8 weeks or until the store is shut down or all stock is sold.
Want to grab a bargain TV? Get in at 9am, stock probably won’t last very long.