Dick Smith shareholders left out in the cold

Company says it is not able to return money to investors

Dick Smith has confirmed what many of its shareholders already expected. The company does not have the money to pay its creditors and therefore, will not return any money to them.

In a letter to shareholders, administrator Joseph Hayes, said that following the initial investigation, it had been determined that there may be sources of recovery available for the benefit of creditors. But the administrators did not think there would be sufficient funds to pay them in full.

As a result, Hayes said, “we have reasonable grounds to believe that there is no likelihood that shareholders of DSHE will receive any distribution in the course of the external administration of the Dick Smith Group.”

The company did not disclose what the shortfall was between the amount owed and what the company was able to pay.

Dick Smith shut its doors for the last time on May 3. Shortly after online retailer Kogan, bought the company’s online business and relaunched the brand.


Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags kogandick smith

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.
Chris Player
Show Comments

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Luke Hill

MSI GT75 TITAN

I need power and lots of it. As a Front End Web developer anything less just won’t cut it which is why the MSI GT75 is an outstanding laptop for me. It’s a sleek and futuristic looking, high quality, beast that has a touch of sci-fi flare about it.

Emily Tyson

MSI GE63 Raider

If you’re looking to invest in your next work horse laptop for work or home use, you can’t go wrong with the MSI GE63.

Laura Johnston

MSI GS65 Stealth Thin

If you can afford the price tag, it is well worth the money. It out performs any other laptop I have tried for gaming, and the transportable design and incredible display also make it ideal for work.

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?