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Dick Smith's pre-Christmas fire sale, which saw prices slashed by up to 80 per cent in some stores, failed to save the embattled electronics seller.
The outlook appears grim for the transtasman retailer after its banks appointed Ferrier Hodgson as receivers.
The retailer, which operates 62 stores in New Zealand and employs 3300 staff on both sides of the Tasman, has also appointed McGrathNicol as voluntary administrator.