Entrepreneur Dick Smith has announced he will close his eponymous Dick Smith Foods business.

In an interview with The Australian, Mr Smith said he had no choice but to close the Australian-sourced products business.

Dick Smith Foods started almost two decades ago and has donated all of its $10 million-plus in profits to charity.

“We’re now at a point where the only way we can get sales is make a loss,” Mr Smith told The Australian. “Right now, we’re making a profit which we give away. But I can say within two years, we’ll go broke.

“It’s very, very sad. I’m depressed about the whole thing.”

Mr Smith said he would let some of the companies who made the products for Dick Smith foods inherit the brands.

“We’re letting the Australian suppliers have the brands,” he said.