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​Staff and stores cut as Dick Smith decline deepens

​Staff and stores cut as Dick Smith decline deepens

“Dick Smith is working to identify opportunities for future employment for as many of the affected staff as possible..."

Dick Smith, the embattled consumer retailer across Australia and New Zealand, will close down 27 of its stores in the coming months, resulting in the loss of 181 employees.

In a statement released to the Australian Stock Exchange by receivers and managers to Dick Smith Holdings and associated entities, Ferrier Hodgson, the closures will take place in Australia - specifically those contained within department store David Jones.

“Twenty-seven David Jones Electronics Powered by Dick Smith concession stores, contained within David Jones department stores across Australia, will close,” Ferrier Hodgson stated.

With the future of the company still uncertain, receivers are currently undertaking an ongoing review of the operations of the group, with plans in place to ensure stable operations in order to negotiate a sale.

“As a result of this review, the receivers have determined that they will no longer continue to operate the 27 David Jones Electronics Powered by Dick Smith concession stores, contained within David Jones department stores,” the statement added.

Consequently, the relationship between Dick Smith and David Jones will terminate on January 27 following a mutual agreement between both parties.

Of the 181 employees impacted by the closure, this includes two full-time employees, 78 part-time employees, and 101 casual employees.

“Dick Smith is working to identify opportunities for future employment for as many of the affected staff as possible through the Dick Smith network,” the statement added.

“The receivers advised that the closure of the concessions is a necessary step in the restructuring to assist in ensuring the commercial viability of the Dick Smith group businesses.”

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