Iconic Australian retailer, Dick Smith, has shut up shop on its bricks and mortar business for the last time.
Iconic electronics retail chain, Dick Smith Electronics, has officially closed the doors on its retail stores for the last time.
The organisation has closed all its remaining retail outlets following a protracted liquidation process that began with a trading halt on the company’s stock in January 2016.
When first floated by its new owners on the Australian Securities Exchange (ASX) in December 2013, the company had a market capitalisation listed at $520 million.
By December 2015, the share price had fallen 80 per cent and, in January 2016, a halt in trading was requested.
On January 5, 2016, Dick Smith Holdings (and associated entities) was placed into administration by its creditors.
On February 25, the receivers announced they had been unable to sell the company and as a result all 363 stores in A/NZ would be closed. A rolling schedule of closure was later announced.
The last Dick Smith retail stores closed on Tuesday May 3 as shoppers crowded the nearly bare shelves to grab a last minute bargain.
Amongst the last minute deals on offer at the Mid City store in Sydney was an iMac at over 35 per cent discount.
The company’s online business will continue to operate as of May 4 in an online only capacity. The move follows the acquisition of Dick Smith’s online business by online retailer, Kogan.
