Retailer Dick Smith goes into trading halt
Embattled electronics retailer Dick Smith Holdings has gone into a trading halt ahead of an announcement by the company.
The retailer requested the trading halt this morning “pending the release of an announcement by the company” with trading not expected to resume until Wednesday, January 6.
Dick Smith surprised the market in October and November when it launched pre-Christmas clearances offering up to 80 per cent off some products as it worked to move surplus stock.
The sales prompted a flood of customers to the stores and accusations by some that staff had taken the best offers off the shelves for themselves before the stores had opened.
The value of the stock has dropped by more than 60 per cent in recent months as the listed company has worked to overcome its financial woes.
The stock has traded as high as $2.40 in January 2014, but was trading at just 35 cents when trading was suspended, giving it a market capitalisation of $83.96m.
Simon Canning
You wouldn’t want to be paid by results by this client eh?
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