Kingaroy Dick Smith future still up in the air

THE future of Kingaroy's Dick Smith store remains uncertain as Dick Smith Holdings went into receivership on Tuesday.

Corporate advisory and recovery group Ferrier Hodgson is conducting the voluntary administration of Dick Smith Holdings.

Partners James Stewart, Jim Sarantinos and Ryan Eagle have been appointed the receivers.

Receiver James Stewart said it was too early to clearly identify the main causes of the company's current financial position and reason for its decline.

"Dick Smith is one of the best known brands associated with consumer electrons in Australia and New Zealand," he said.

"We are immediately calling for expressions of interest for a sale of the business as a going concern."

Mr Stewart said the New Zealand business was profitable and expected it would be attractive to potential buyers.

He said due to the financial circumstances of the group, outstanding gift vouchers could not be honoured and deposits could not be refunded.

The South Burnett Times asked Ferrier Hodgson about the fate of the Kingaroy store, and a spokesman said it was in the same boat as all the stores in the group and its future remained up in the air.

The Kingaroy store has six employees.

Outstanding gift vouchers cannot be honoured and deposits cannot be refunded

Affected customers will become unsecured creditors of the group.

Dick Smith has 393 stores in Australia and New Zealand, including Kingaroy. There are 3300 employees.

The electronics store began as a car radio installation business in Sydney in 1968.

In 2012, Woolworths sold the business to Anchorage Capital Partners, who then took it public in 2013.

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