The Illawarra’s four Dick Smith stores will close, as the electronics retailer shuts up shop across the country.
Dick Smith’s 363 Australian and New Zealand stores – including those at Wollongong, Warrawong, Dapto and Shellharbour – will close within eight weeks, leaving about 2890 staff without a job.
Twenty-eight staff work at the four Illawarra stores – 10 at Wollongong, eight at Shellharbour and five each at Warrawong and Dapto.
In a statement to the ASX, receiver Ferrier Hodgson said it hadn’t been able to find a buyer for the troubled retailer, which went into receivership in January.
“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,” receiver James Stewart said.
“The offers were either significantly below liquidation values or highly conditional or both.”
Employees were briefed on Thursday and will be provided support, the statement said.
“All Australian employee entitlements will rank as priority unsecured claims ahead of the secured creditors and are expected to be paid in full,” the statement said.
Mr Stewart described the outcome as “very disappointing” for employees and thanked them for their “support and patience during the receivership process".