Retail in Asia

In Tech

Dick Smith goes into voluntary administration

Dick Smith has gone into voluntary administration, with receivers appointed to try to claw back debt owed to the company’s creditors.

The Australian electronics goods chain entered a share trading halt on Monday, pending an announcement about its "funding position and debt financing covenants", and on Tuesday morning it announced that advisory firm McGrath Nicol had been called in as administrator.

Dick Smith’s major lenders have appointed Ferrier Hodgson as receiver, which has said it would try to sell the company as a going concern. In a blow to customers, Ferrier Hodgson said it would not honour outstanding gift vouchers or refund deposits paid for goods.