Dick Smith creditors are expected to face a shortfall of more than $270 million, the administrators of the failed electronics chain said today. Dick Smith collapsed in January and has now closed the more than 390 stores it operated on both sides of the Tasman. The report said Dick Smith struggled to compete in a fast-moving sector, where customer preferences change rapidly. "These expansion plans went unchecked during early to mid-2015, and major inventory purchasing decisions meant Dick Smith was carrying too much stock that was not saleable and was overvalue," Hayes said. Gift card holders were among the chain's unsecured creditors.

Source: New Zealand Herald July 13, 2016 05:40 UTC