"The secured banks would receive a partial return on their exposure, but there is little prospect of any return to unsecured creditors," said administrator Joe Hayes.
Gift card holders were among the chain's unsecured creditors.
Shareholders in Dick Smith - which listed on the ASX in 2013 in a float that delivered a huge return to its former private equity owner, Anchorage Capital - are not expected to recoup any funds.
Employee benefits were paid in full, the administrators said.
The report said Dick Smith struggled to compete in a fast-moving sector, where customer preferences change rapidly.
Expansion plans and store growth consumed surplus earnings and sparked large-scale borrowing.
"These expansion plans went unchecked during early to mid-2015, and major inventory purchasing decisions meant Dick Smith was carrying too much stock that was not saleable and was overvalue," Hayes said.
"By December 2015, a rapid clearance sale was needed at a time the business should have been achieving strong margins. However, cash receipts were simply insufficient to meet commitments."
A creditors' meeting will be held in Sydney on July 25.
