Dick Smith's receivers have announced closure of all stores

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Dick Smith's receivers have announced closure of all stores

The Australian electronics icon is no more.

Dick Smith went into voluntary administration at the start of the year, with the hope that a buyer for the aisling retailer could be found. Sadly, the company's receivers announced today that all 363 stores will be closed within 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."

The closures will affect 2890 staff, and the company's reported to be owing $2 million in unpaid wages to over 3000 employees.

UPDATE: According to Lifehacker, it looks like Dick Smith's about to have a hell of a closing down sale - from tomorrow!

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