Dick Smith goes into voluntary administration

Electronics retailer Dick Smith has gone into voluntary administration, with McGrathNicol appointed to run the firm following a failure to secure adequate funding to support the business.

The path the company has taken from a $520 million public float 2 years ago to today is a pretty shocking decline.

If you haven’t read that piece on Anchorage Capital’s part in this story, go check it out. It’s fascinating reading.

Ozbargain is trying to figure out if gift cards are still valid. At the time of writing, it looks like probably not.

As a former retail jockey, I feel bad for those working retail at Dick Smith. Now’s a good time to polish up that resume.

Source: Dick Smith enters voluntary administration due to bad sales, banking woes – ABC News (Australian Broadcasting Corporation)

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