Electronics retailer Dick Smith has announced it will be closing its 363 stores across Australia and New Zealand within the next eight weeks, leaving 2,890 staff out of a job.
The news was announced this afternoon by receiver Ferrier Hodgson, who said they had not managed to find a buyer for the company, which went into receivership last month with of approximately $400 million.
“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,” said receiver James Stewart.
“The offers were either significantly below liquidation values or highly conditional or both.”
According to a report by the Business Insider, a fire sale has been confirmed and will be taking place from tomorrow 26 February.
