Dick Smith - what you need to know

All Dick Smiths stores will close over the next eight weeks. Photo / NZME
All Dick Smiths stores will close over the next eight weeks. Photo / NZME

1. All 62 stores in New Zealand and 301 stores in Australia will close over the next eight weeks.

2. All 430 employees in New Zealand and 2460 staff in Australia will lose their jobs.

3. Gift vouchers bought before the collapse were not honoured by the receivers.

4. Consumer NZ has warned any stock bought between now and closure will not have the same guarantees as normal.

5. Dick Smith collapsed into receivership on January 5 owing roughly A$140 million to secured creditors, including HSBC and National Australia Bank, and around A$250 million to unsecured creditors.

6. A market float in 2012 has been criticised as hasty and overvalued, and is what some commentators have pointed to as the beginning of the end for the company.

7. Tough competition, a slump in sales and excess stock all lead up to a fire-sale before Christmas in a bid to help the company.

8. The company started in 1968 when Dick Smith opened a car radio installation business beneath a carpark in Sydney with $610.

- NZ Herald

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