When it was announced earlier in the year that Dick Smith had entered into voluntary administration, the hope was that the company would find a way to pull itself out of the financial quicksand it was stuck in.
Unfortunately, the company’s receivers have announced that all 363 Dick Smith stores across Australia and New Zealand will be closing down permanently within the next eight weeks.
“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,” he continued.
The closings will reportedly put 2,890 Dick Smith employees out of a job, though the company’s receivers have promised that $2 million in unpaid wages will be paid back in full to 3,200 Dick Smith staff members.