Dick Smith Group to close all stores including Kingaroy
DICK SMITH stores in Australia and New Zealand including the Kingaroy store will close.
Ferrier Hodgson's James Stewart and Jim Sarantinos announced the decision today.
Mr Stewart said they had received a number of expressions of interest from local and overseas parties but the sales process did not result in any acceptable offers for the group as a whole or for stand alone businesses.
"The offers were either significantly below liquidation values or highly conditional or both," he said.
The 301 stores in Australia will close over the next eight weeks.
More than 2,400 staff in Australia including about six in Kingaroy will lose their jobs.
"We would like to thank the Dick Smith employees for their support and patience," he said.
All Australian employee entitlements are expected to be paid in full.