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Final Dick Smith stores fall as Move Airport stores close

Mon, 7th Mar 2016
FYI, this story is more than a year old

Dick Smith's four Move Airport stores, located at Sydney International Airport have been closed, effective immediately, adding a further 48 staff to the numbers affected by the failure of the business.

The closure comes two weeks after receivers for Dick Smith Holdings announced the planned closure of all other Dick Smith stores throughout Australia and New Zealand, affecting nearly 3000 staff.

Receivers had hoped to sell the assets of the four Move Airport stores, howevere, receiver James Stewart says receivers have been unable to reach agreement to sell them.

“[We] have no option but to close the stores located at Sydney International Airport,” Stewart says.

The 48 staff, have been ‘offered the opportunity of redeployment within the remaining Dick Smith store network for the duration of the store closure program' Stewart says.

Closure of the 301 Australian stores and 62 stores in New Zealand was expected to take eight weeks from the closure announcement on February 25.

Fire sales of all remaining stock are currently underway at Dick Smith's stores across Australia and New Zealand as the receivers seek to gain some funds for creditors.

Stewart says staff affected by the Move Airport closures will be offered ‘appropirate outplacement support' with their employee entitlements ranking as priority unsecured claims ahead of secured creditors.

All staff entitlements are expected to be paid in full, however reports suggest the news isn't so good for creditors, including banks NAB and HSBC who are believed to be owed AU$140 million.

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