ChannelLife Australia - Dick Smith axes David Jones concession stores; 181 staff affected

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Dick Smith axes David Jones concession stores; 181 staff affected

Twenty-seven Dick Smith stores in David Jones department stores across Australia will close this Wednesday, affecting the jobs of 181 staff.

Receivers Ferrier Hodgson say the closure of the David Jones Electronics Powered by Dick Smith concession stores is ‘a necessary step in the restructuring to assist in ensuring the commercial viability of the Dick Smith Group businesses’.

The stores will close on Wednesday, ending the relationship between Dick Smith and David Jones.

Ferrier Hodgson says Dick Smith is working to identify opportunities for future employment for as many affected staff as possible, through the Dick Smith network.

The staff include two full-time employees, 78 part-time employees and 101 casual employees.

Dick Smith Holdings’ was placed in receivership on January 5 with receivesr estimating creditors are owned AU$390 million.

The receivers are currently attempting to sell the Dick Smith and Move businesses, with interested parties having until January 27 to register their interest.

A short list of parties will then be invited to commence initial due diligence and then submit formal offers, with the process expected to continue through until late February.

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