Dick Smith employees now face redundancy after receivers Ferrier Hodgson failed to find a buyer for the troubled business.

In eight weeks' time New Zealand's 62 stores – including the lone Coromandel outlet in Thames – will shut their doors forever, leaving some 430 Kiwis to find another a job.

Receivers Ferrier Hodgson has confirmed all Dick Smith Store in New Zealand and Australia will close in eight weeks' time. Photo: File

Making the announcement on Thursday, Ferrier Hodgson receiver James Stewart says they received numerous expressions of interest from local and overseas parties to purchase the company.

'Unfortunately the sale process has not resulted in any acceptable offers for the group as a whole or for Australia or New Zealand as standalone businesses,” explains James.

'The offers were either significantly below liquidation values or highly conditional or both.”

Kiwi employees made redundant are expected to be paid in full, up to a maximum of $22,160 under New Zealand law.

James says the receivers it's a disappointing outcome for Dick Smith employees who've given loyal service to the business.

'We would particularly like to thank the Dick Smith employees for their support and patience during the receivership process.”

Ferrier Hodgson took control of Dick Smith after the company was placed into receivership in January.

The electronic retail outlet was also raked over the coals by consumers and in the media after Dick Smith refusal to honour gift cards or refunding deposits.

There are 301 stores in Australia, employing approximately 2,460 staff.