Dick Smith NZ creditors face big shortfall in first receivers' report

Mon, 07 Mar 2016

By Fiona Rotherham March 7 (BusinessDesk) - The receivers’ first report on the failed Dick Smith Electronics NZ chain has estimated there’s likely to be a net loss of nearly $98 million to priority creditors even before the costs of selling assets are considered. Ferrier Hodgson was appointed receiver and managers of the Australian company and its related subsidiaries in early January and said last month that it was closing all 62 stores in New Zealand and around 300 in Australia progressively over the next seven weeks. That decision...

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