After almost 50 years of business, Dick Smith will be no longer after Ferrier Hodgson announced the news this afternoon that the electronics chain will be closing down.
Australian and New Zealand stores will be closing over the next 8 weeks, excluding the Move airport locations.
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.”
According to Business Insider, the closure will total 2,460 job losses and 301 store closures in Australia, while 430 job losses from 62 stores in New Zealand.
The store was founded by Richard Harold Smith in 1968 with $600. It initially started out as a small taxi radio repair business in the Sydney suburb of Neutral Bay. For many Australians it’s been a trusted Aussie retailer where tech nerds, kids and everyone else in between could get their electronics.