Dick Smith is closing down, with approximately 2,460 staff impacted by the 301 store closures in Australia and approximately 430 staff from 62 stores in New Zealand.
The news was announced today, with receiver James Stewart from Ferrier Hodgson saying, “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. The offers were either significantly below liquidation values or highly conditional or both.”
Employees of the electronics retailer were informed of the closure this morning, either by their manager in store, or by this letter obtained by Business Insider.
“The ultimate timing of store closures will be dependent on the outcome of the stock realisation sale,” the letter reads.
“We will endeavor to provide you with as much notice as possible of the exact date that your store will close.
“The Receivers are in continued discussions regarding the continuity of the Move Airport stores and as such the Move Airport stores will continue to operate as normal while these discussions are ongoing.”