February 25, 2016
Time has run out for Kingaroy’s Dick Smith store, with receivers Ferrier Hodgson announcing on Thursday that all the chain’s shops will close sometime over the next two months.
“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,” receiver James Stewart said.
“The offers were either significantly below liquidation values or highly conditional or both.”
About 2900 staff will lose their jobs in Australia and New Zealand but are expected to be paid out in full.
A “fire sale” will begin at all Dick Smith stores on Friday. Closure dates will depend on the results of this sale.
It has been reported that the chain was losing almost $3 million a week.
Dick Smith has been in voluntary administration since January.
