Spare a thought for everyone who got a Dick Smith gift card for Christmas. They’re now not worth the paper they’re printed on.
On Tuesday, the electronics retailer, which operates 393 stores across Australia and New Zealand, went into voluntary administration after significant financial troubles.
The business’ “sales and cash generation” in December 2015 were below expectations, the company chairman Rob Murray said in an online statement. The retailer experienced poor sales throughout 2015, as well as stiff competition from stores like JB Hi-Fi as well as online retailers such as Amazon. Exactly what went wrong is yet to be determined. Read more…
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