The suspected underpayment of Dick Smith staff dates back to Woolworths' ownership of the electronics chain before the business was bought by private equity and sold to investors through a $520 million public float.

The receiver of the failed electronics chain Ferrier Hodgson revealed on Thursday that 3,200 current and former staff may be owed as much as $2 million in entitlements, dating back as far as 2010 when the chain was under the control of Woolworths.

According to Ferrier Hodgson partner James Stewart staff may have missed out on their full leave loading as a result of the "incorrect application of the relevant industrial award."

A spokeswoman from Woolworths said the Dick Smith business was sold to Anchorage Capital in November 2012 "following a thorough due diligence process."