Australian electronics retailer, Dick Smith Electronics is closing down all of its 363 stores across Australia and New Zealand.
The retailer went into voluntary administration at the start of this year. All stores, which stocked a large selection of gaming hardware for both console and PC will be closed over the next eight weeks, with 2890 jobs being lost in the process.
Attempts were made to sell the business according to receiver James Stewart, but all failed to net “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.”
It’s reported that Dick Smith owes AU$400 million in debt, including AU$140 million to its banks and AU$2 million in unpaid wages to staff who are expected to be paid in full through the liquidation process.
A fire sale is currently being run, with an estimated AU$200 million value.