Tech retail company Dick Smith has gone into voluntary administration after sales were “below management expectations”.
The announcement was posted to the Australian Securities Exchange (ASX) early this morning, following a previous announcement on Monday morning that said the company had put a halt on its trading.
In the ASX announcement on the administration, chairman Rob Murray said the company had looked at getting funding from elsewhere, however there hadn’t been enough time over the short-term for the company to make up the inventory.
Financial advisors McGrathNicol has been appointed to act as the voluntary administrator.
The ABC report Dick Smith’s shares had last traded for 35.5 cents on December 31, 2015. This was down from when the retail chain first appeared on the market with shares $2.20.
Lead image via Flickr.
Airtasker has chosen leading independent digital growth consultancy, Webprofits as a strategic partner to help them expand to new markets. Following a successful IPO in early 2021, Airtasker set its sights on the next strategic objective — expansion and growth in the UK market. After careful review, they partnered with the growth marketing specialists at […]
Cresta Awards has announced that despite having a few more weeks before entries close, this year’s Cresta Awards has surpassed its entries for the whole 2019 Season. Cresta sees this as evidence, not just of evolution in its own awards but of a wider measure of industry confidence and resilience in many markets. The awards […]
Culture-leading publisher Highsnobiety continues to evolve its local operations with the appointment of Citizens of Culture as its strategic partner across media operations within Australia. Highsnobiety is a premium global brand dedicated to cultural pioneers, with work spanning across digital platforms, print media, documentaries, cutting edge events, a shopping platform and a full service creative […]