Administrators for Dick Smith have placed the company into liquidation, according to a statement published after the Australian electronic retailer’s second meeting of creditors today.
The move means that shareholders and unsecured creditors, the latter including people still holding onto Dick Smith gift cards, are unlikely to get any money back.
It also follows a report published by administrators McGrathNicol last month, which revealed that banks HSBC and NAB were believed to be owed approximately $140 million.
The only part of Dick Smith still operating is its online store, which was purchased by Kogan earlier this year. The retail stores stopped trading on May 3. Amanda visited one of her local stores just before the deadline, and was taken aback by the fervour with which everything was sold — including clearance stickers, tables, cords, and a cardboard cut-out of Redfoo.