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.
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