The receivers for troubled electronics retailer Dick Smith announced they will close more than 350 stores over the next two months.
The move will see closures in both Australia and New Zealand, with more than 3000 employees likely to lose their jobs.
Administrator Ferrier Hodgson said that despite a number of expressions of interest they were unable to find a suitable buyer.
Ferrier Hodgson partner, James Stewart, said: “The sale process has not resulted in any acceptable offers for the group as a whole or for Australia and New Zealand as standalone businesses. The offers were either significantly below liquidation values or highly conditional or both.
Dick Smith’s media agency Atomic212 are understood to be among the company’s creditors.
When Atomic212 won the Dick Smith account it was thought to be worth some $20m a year in billings and was the agency’s largest client.