In receivership: A customer walking into a Dick Smith store in Brisbane, Australia. Insolvency specialist Ferrier Hodgson was appointed receiver for the iconic business, which was founded in 1968 as a car-radio installation firm. – EPA
SYDNEY: Dick Smith Holdings Ltd, the electronics retailer whose black and yellow storefronts are a feature in malls across Australia, entered administration just two years after a private equity-led listing valued it at A$534mil (US$384mil).
After months of failed product promotions, December sales and earnings missed targets and the company couldn’t obtain support from lenders, Dick Smith said in a statement yesterday Insolvency specialist Ferrier Hodgson was appointed receiver for the iconic business, which was founded in 1968 as a car-radio installation firm.
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