Troubled electronics company Dick Smith has had receivers appointed to try and save it from financial ruin.
Dick Smith, one of Australia's best known electronics retailers, has been put up for sale, with lenders taking charge of the troubled company after it failed to secure a funding injection.
A syndicate of its lenders, including National Australia Bank and HSBC, on Tuesday appointed Ferrier Hodgson as receivers and managers over the company, with the aim of salvaging value from the struggling business. McGrathNicol have been appointed administrators.
"We are immediately calling for expressions of interest for a sale of the business as a going concern," Ferrier Hodgson partner James Stewart said, adding that it would be business as usual for the retailer in the meantime.
Dick Smith, with annual sales of $1.3 billion, operates a chain of 393 stores across Australia and New Zealand, with around 3,300 employees.
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