Receivers and managers forced to shut 301 stores, dismiss 2,890 staff.

The 301 remaining Dick Smith and Move stores across Australia and New Zealand, excluding airport locations, will be closed. The closure process is expected to take approximately eight weeks, will impact 2,460 staff in Australia and 430 staff in New Zealand.

dick smith store feb

Receiver James Stewart said, “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. The offers were either significantly below liquidation values or highly conditional or both.”

Stewart also noted that it was very disappointing outcome for the employees of Dick Smith who have given loyal service to the business.

“We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process.”

All Australian employee entitlements will rank as priority unsecured claims ahead of the secured creditors and are expected to be paid in full.

Entitlements of New Zealand employees who are made redundant are preferential claims ranking ahead of the secured creditors, and are expected to be paid in full up to a maximum statutory limit of NZD$22,160 under New Zealand law.

Employees across head office and stores have been briefed today, and will be provided with appropriate outplacement support by the Receivers.