{"id":90744,"date":"1999-12-31T00:45:00","date_gmt":"1999-12-30T13:45:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/dick-smith-to-be-closed-thousands-to-lose-jobs-prosecutions-tipped\/"},"modified":"1999-12-31T00:45:00","modified_gmt":"1999-12-30T13:45:00","slug":"dick-smith-to-be-closed-thousands-to-lose-jobs-prosecutions-tipped","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/dick-smith-to-be-closed-thousands-to-lose-jobs-prosecutions-tipped\/","title":{"rendered":"Dick Smith To Be Closed Thousands To Lose Jobs, Prosecutions Tipped"},"content":{"rendered":"<p>As exclusively tipped by ChannelNews Dick Smith receivers Ferrier Hodgson has moved to liquidate the mass retail group as interested parties walked away from the deal.<\/p>\n<div><span style=\"font-size: 13.3333px;\">The closure will affect 2460 staff in Australia, and 430 in New Zealand.<\/span><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">According to sources the information provided by Ferrier Hodgson was riddled with uncertainties resulting in three powerful Asian bidders walking away from a deal.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">According to a statement released by receivers James Stewart, Jim Sarantinos and Ryan Eagle of Ferrier Hodgson.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">In Australia, 301 stores will close, and 62 stores will close in New Zealand. &nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Move stores were included in the closure announcement, and stores located in airports were excluded.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">The fashion-focussed Move concept chain launched in 2013, and grew to a total of 12 stores nationally.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Mr Stewart said attempts to sell the Dick Smith group had been unsuccessful.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">&#8220;While we received a significant number of expressions of interest from local and overseas parties, unfortunately the sale process has not resulted in an acceptable offers for the group as a whole or for Australia or New Zealand as standalone businesses,&#8221; he said.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Mr Stewart expressed his sympathies for employees, and said the outcome was disappointing for them.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">&#8220;We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process,&#8221; he said.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Employees at head offices and stores have been briefed on the closures today, the statement advised.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">They will also be provided with &#8220;appropriate outplacement support&#8221;, it read.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">All Australian workers are expected to be paid in full.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">&#8220;All Australian employee entitlements will rank as priority unsecured claims ahead of the secured creditors and are expected to be paid in full,&#8221; the statement read.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">&#8220;Entitlements of New Zealand employees who are made redundant are preferential claims ranking ahead of the secured creditors, and are expected to be paid in full up to a maximum statutory limit of NZD$22,160 under New Zealand law.&#8221;<\/span><\/font><\/div>\n<div style=\"font-family: sans-serif; font-size: 10pt;\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>As exclusively tipped by ChannelNews Dick Smith receivers Ferrier Hodgson has moved to liquidate the mass retail group as interested parties walked away from the deal.<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,179],"tags":[],"class_list":["post-90744","post","type-post","status-publish","format-gallery","hentry","category-archive","category-retail","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Dick Smith To Be Closed Thousands To Lose Jobs, Prosecutions Tipped - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/dick-smith-to-be-closed-thousands-to-lose-jobs-prosecutions-tipped\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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