The breadth of Dick Smith’s woes became public when it abandoned its profit guidance. Photo: Glenn Hunt
Dick Smith has gone into voluntary administration, with receivers appointed to try to claw back debt owed to the company’s creditors.
The electronics goods chain entered a trading halt on Monday, pending an announcement about its “funding position and debt financing covenants”.
A source close to the company has confirmed that advisory firm McGrath Nicol has been called in as administrator, with the company expected to confirm the appointment on Tuesday morning.
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