All Dick Smith stores to close

(Getty)
(Getty)

All remaining Dick Smith stores in New Zealand and Australia will close after receivers failed to find any satisfactory offers on the business.

In all, 62 New Zealand stores and 301 Australian Dick Smith and Move stores, excluding airport sites, will have all shut their doors in around eight weeks.

Receiver James Stewart said there hadn't been any "acceptable" offers on the business since it went into receivership.

"While we received a significant number of expressions of interest from local and overseas parties, unfortunately the sale process has not resulted in any acceptable offers for the group as a whole or for Australia or New Zealand as standalone businesses.

"The offers were either significantly below liquidation values or highly conditional or both."

It's estimated 430 people in New Zealand and 2460 in Australia will be out of work as a result.

Mr Stewart said it is a very disappointing outcome for the employees of Dick Smith who have given loyal service to the business.

"We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process".

New Zealand employees who are made redundant are expected to be paid in full up to a maximum statutory limit of $22,160 under New Zealand law.

Staff at a central Auckland Dick Smith told Newshub they were devastated and disappointed at the news.

The store will remain open for the next eight weeks in an attempt to sell off as much stock as possible, they say.

Newshub.

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