Troubled electronics retailer Dick Smith (ASX: DSH) went into voluntary administration on Monday, following failure to secure funds from its banks. Management said sales and cash generation were below expectations in the key December trading period, continuing the weak trend of previous months. The announcement follows an earnings warning in October and a downgrade in December. Dick Smith have appointed McGrathNicol as administrators. Dick Smith shares remain suspended. We do not own Dick Smith in the investment portfolio.
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