Dick Smith Electronics has announced it will close its doors, after the troubled retailer was placed in voluntary administration earlier this year.
The news means the retailer's remaining 301 stores across Australia and New Zealand close over the next eight weeks.
Receivers from Ferrier Hodgson had hoped to find a buyer for Dick Smith and while a number of offers were received, none were suitable.
“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 says in a statement.
“The offers were either significantly below liquidation values or highly conditional, or both.”
It noted that Australian employee entitlements will rank as a priority in unsecured claims ahead of the secured creditors and are expected to be paid in full.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at email@example.com