The last day of trading for Dick Smith retail stores is official.
The last store will shut its doors on May 3, with all others gradually shutting between now and then.
All stores have now been notified of the closure, and some stores already shut on Sunday. The next round of closures will be this weekend, with stores in Port Macquarie, Burleigh Heads and Mount Gambier all on the chopping block.
The rest of the stores will then close between 26 April and the 3 May, with the final stores shutting their doors to be Fountain Gate in QLD, Warringah Mall, Sydney’s George Street and Noosa, among others.
Originally it was believed 30 April would be the final closing date.
One notable part of the business won’t be closing – the Dick Smith online store, which has been bought by online retailer Ruslan Kogan.
Kogan says he wants to “save the legacy of this great Australian brand, by transitioning to an online only model”, and will transform it using his own retail systems and architecture.
The end of Dick Smith as a business was originally announced on 25 February.
Approximately 2,460 staff will lose their jobs across 301 stores in Australia along with approximately 430 staff from 62 stores in New Zealand. All will receive redundancy payouts unless they resign earlier.
All employees will rank as priority in unsecured claims, ahead of secured creditors and are expected to be paid out in full. Any entitlements accrued such as wages, superannuation or annual leave during the receivership period will be paid in their final wage payment.
Anything pre-appointment and redundancy payouts will be paid as soon as funds are available.
Ferrier Hodgson said the distribution of those funds will take up to another month after the wind down process is completed – roughly when all stores are closed.