4 Jan 2016

Dick Smith to make announcement on debt

7:40 pm on 4 January 2016

In Australia, Dick Smith shares have been placed in a trading halt on the A-S-X as the embattled electronics retailer seeks to shore up its financial position.

Less than two weeks after the crucial Christmas sales season, Dick Smith is seeking to refinance its debt and says it will make an announcement on its finances by Wednesday.

Dick Smith has issued two profit warnings in the last two months, blaming disappointing sales in the months leading up to Christmas.

In November, the retailer also slashed the value of its inventories by more than $64 million, or about 20 per cent.

When the retailer closed its Auckland offices nearly two years ago, it had over 60 stores in New Zealand.