Dick Smith to close all stores, 3000 staff to go

Entrepreneur and adventurer Dick Smith has accused the private equity group that listed the Dick Smith electronics stores in an AUD520 million (USD373.2m) public float of "destroying" the business and putting close to 3000 staff out of work after receivers, Ferrier Hodgson, announced it was shutting down the troubled chain.

The founder of the original Dick Smith business said he had no interest in buying back the rights to the "Dick Smith" name or any part of the troubled business.

Dick Smith’s debts total about AUD400 million including AUD140 million to its banks, National Australia Bank and HSBC. Dick Smith staff will now have to liquidate the remaining stock, which is understood to have a book value of about AUD200 million.

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