Dick Smith has entered voluntary administration, with disappointing December sales and a lack of short-term funding giving it no option but to appoint an administrator.
McGrathNicol will act as administrator, while Ferrier Hodgson partners James Stewart, Jim Sarantinos and Ryan Eagle have been appointed as receivers by Dick Smiths lenders.
Mr Stewart said it was too early to clearly identify the primary causes of the companys current financial position and the reasons for its decline other than saying the business had become cash constrained in recent times.
He said it would be business as usual for the troubled retailers 393 stores while receivers look at the restructuring and realisation opportunities for the group.
We are imme…
Read the full article at: http://www.businessspectator.com.au/news/2016/1/5/industries/dick-smith-enters-voluntary-administration