DICK SMITH STORE NUMBERS DWINDLE DOWN TO 100

Written on the 13 April 2016 by Nick Nichols

DICK SMITH STORE NUMBERS DWINDLE DOWN TO 100

DICK Smith Holdings (ASX:DSH) once mighty stable of more than 360 stores has been whittled down to a little more than 100, with receivers to the stricken company today announcing the final round of closures.

Receivers from Ferrier Hodgson have revealed that Dick Smith's New Zealand stores will outlast the remaining Australian stores by a matter of days as the April 30 deadline for the group looms.

Dick Smith's 53 remaining Australian stores will close first between April 23 and 26.

The 55 New Zealand stores still open will close down progressively between April 26 and 30.

A number of New Zealand stores closed last week, while another 22 Australian stores will cease trading on April 16.

Today's announcement brings to an end the uncertainty for remaining Dick Smith staff who have been waiting months to learn when they will lose their jobs.

Receiver James Stewart announced the final closure date last month, although specific closure dates for individual stores had previously remained in limbo.

Dick Smith directors appointed voluntary administrators to the company on January 4, but the company's fate was sealed when receivers revealed almost two months later that they could not secure a buyer for the business.

At its peak, the business employed about 2900 staff.

Despite the store closures by the end of this month, the Dick Smith brand will remain active following its acquisition by Melbourne-based online retailer Kogan.


Author: Nick Nichols

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