Dick Smith Holdings in administration

Dick Smith, the largest electricals retailer in Australia is in administration. The business had made large price reductions across its ranges in the run-up to Christmas in a bid to reverse its fortunes having recently issued two profit warnings. Previously owned by Woolworths, Dick Smith Holdings was sold to Anchorage Capital Partners, a private equity firm,  in 2012 and was later floated on the Australian share market.  The retailer currently employs 3300 staff who will be retained until the business attracts a buyer, and hopefully beyond. However, consumers holding gift vouchers for the chain are now unable to redeem them.