- Publish Date
- Thursday, 25 February 2016, 5:30PM
Electronics retailer Dick Smith Group, which collapsed last month, will close its 363 stores in Australia and New Zealand after its receivers couldn't find a buyer.
"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."
The stores will be closed over the next eight weeks, affecting 2890 staff, including 430 in New Zealand.
Stewart said the announcement was disappointing for employees, who were told of the decision today.
"We would particularly like to thank the Dick Smith employees for their support and patience
during the receivership process," he said.
The receivers had been considering offers for the business, which went into receivership in January, owing roughly A$150 million.