Dick Smith Is Closing Down: Fire Sales Start At 9am! [Updated]

It's official: After months of fruitless negotiations with would-be buyers, Dick Smith is shutting up shop in Australia and New Zealand. All 363 stores will shut down within the next eight weeks with some 2890 staff put out of work. It's a sad day for brick-and-mortar retail but a good one for Aussie bargain hunters. The fire sales are coming...

[Update: Dick Smith has confirmed it will be selling stock at heavily discounted prices. Get the Dick Smith Closing Down Sale details here!]

Today, Dick Smith's receivers announced that the beleaguered electronics chain would be closing after failing to find a buyer. With the exception of Move airport locations, all stores across Australia and New Zealand will be shutting their doors by mid-April.

"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," explained Ferrier Hodgson Receiver James Stewart in a statement. "The offers were either significantly below liquidation values or highly conditional or both."

It is anticipated that the closure of the remaining 301 stores in Australia and 62 stores in New Zealand will take approximately 8 weeks. Approximately 2,460 staff will be impacted by the store closures in Australia and approximately 430 in New Zealand.

Employees across head office and stores were informed today, and will be provided with "appropriate outplacement support" by the Receivers.

So what does this mean for stock in stores? It's likely that another clearance sale will be held in the near future similar to the one in December. We've contacted Dick Smith for comment — watch this space!

See also: Dick Smith's Huge Closing Down Sale: How To Get The Best Deals


Comments

    We all know that the staff will take all of the good stuff.

      I hope so.

      Small consolation for having to find another job. So in this case I really couldn't blame them.

      they probably deserve it considering the company owes more than $2mil in unpaid wages

    If you've got any gift cards, throw them at the counter as you run out the doors carrying items of equivalent value.

    There is not 663 stores... It's 366

      My mistake -- I hit a snafu while adding together the Aus and NZ stores.

    anyone manage to get a good deal on anything?
    Vultures have been circling my local for weeks now, they will probably have the carcass picked clean by the time i can get to a store

    No fire sale up at rockhampton QLD. Same old useless service and deals on crappy DSE products

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