Dick Smith to close Grafton store

RECIEVERS for the electronics retailer Dick Smith has announced its Grafton store will be among more than 300 stores to close across Australia.

In a statement to the Australian Securities Exchange, receivers Ferrier Hodgson said it was a disappointing outcome.

Ferrier Hodgson received several offers to buy Dick Smith as a standalone business but did not accept any.

"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."

The announcement will see 301 stores in Australia and 62 stores in New Zealand close.

The closure will impact about 2,460 staff in Australia.

Mr Stewart said this was a very disappointing outcome for the employees of Dick Smith who have given loyal service to the business.

"We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process," he said.

All Australian employee entitlements will rank as priority unsecured claims ahead of the secured creditors and are expected to be paid in full.



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