Dick Smith gooooooone?
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<p>Hmmm no it's from today, on SMH. Works when I paste it into my address bar, but not when I click on the link in the post. Weird.</p>
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<p><a data-ipb='nomediaparse' href='http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html'>Maybe try this link.</a></p> -
<blockquote class="ipsBlockquote" data-author="barbarian" data-cid="550759" data-time="1451969571">
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<p>Hmmm no it's from today, on SMH. Works when I paste it into my address bar, but not when I click on the link in the post. Weird.</p>
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<p><a data-ipb='nomediaparse' href='http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html'>Maybe try this link.</a></p>
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<p>That one works - same link address. Weird. Maybe one of the IT nerds on here can explain to us what's happening there?</p> -
Yeah - PICNIC.
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<p>they are also the major sponsor of the 9's coming up next month...but apparently it wont be impacted</p>
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<p>Which is a bit of a shitter since they are not going to honour any gift cards (gutting for anyone who got one for Christmas!) I realise the sponsorship woulda been done ages ago...</p> -
<blockquote class="ipsBlockquote" data-author="taniwharugby" data-cid="550807" data-time="1451978209">
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<p>they are also the major sponsor of the 9's coming up next month...but apparently it wont be impacted</p>
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<p>League is used to running on funny money.</p> -
<blockquote class="ipsBlockquote" data-author="mariner4life" data-cid="550747" data-time="1451967974">
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<p>cheers for that. Clever stuff using the limited disclosure requirements. You would think it's the type of thing you only get away with once though.</p>
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<p>You get away with it so long as there are companies run incompetently by people who don't know how to wind them down properly & investors who are total morons & can't do basic due dilligence.</p>
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<p>I have no issue with what Anchorage did, its the guy they bought it off & the flat out morons they sold it to that shareholders should be suing.</p>
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<p>Also, its a really interesting read & the weird thing is nothing they did was particularly complex nor hard to see - and certainly not morally nor legally shadey. Some of it couldn't have been done by the previous owners - eg the fair value write downs, and others are only benificial if you have taxable profits to use. IE if you have 100m in carried forward losses, generating another 50m in losses has no tax benifit to you unless you can make 150m+ in tax due in the future. Hence less "you fucked up" on the sellers, but the "investors" who bought it should be fucking shot. 20 minutes with the balance sheets would have explained all that. </p> -
<a data-ipb='nomediaparse' href='http://i.stuff.co.nz/business/industries/75618531/Dick-Smith-customers-will-not-get-refund-on-gift-cards-and-deposits-receiver'>http://i.stuff.co.nz/business/industries/75618531/Dick-Smith-customers-will-not-get-refund-on-gift-cards-and-deposits-receiver</a><br><br>
Looks like the proverbial may be hitting the fan here as well... Side note - don't buy vouchers, give cash in a pretty envelope or card. -
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Was reading Gerry Harvey from Harvey Norman putting the boot in , apparently brand name lines like DSE are a bad idea and customers see through them. I wouldn't buy a TV etc from a shop that had it's own name on it, as Godder says if you order enough of a product from a Chinese factory they'll put any name you want on it. <br><br>
<a data-ipb='nomediaparse' href='http://i.stuff.co.nz/business/75647248/The-anatomy-of-Dick-Smiths-decline'>http://i.stuff.co.nz/business/75647248/The-anatomy-of-Dick-Smiths-decline</a> -
<blockquote class="ipsBlockquote" data-author="Nepia" data-cid="550773" data-time="1451971220">
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<p>That one works - same link address. Weird. Maybe one of the IT nerds on here can explain to us what's happening there?</p>
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<p>Anyway just to explain, the original link didn't work because there is an extra space on the end of it.</p>
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<p>So yeah, the problem did appear to be in barbarian's chair.</p>
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<p>;)</p> -
You can probably make it work if they are cheap enough relative to the normal brands, particularly if you hammer the message that you stand behind the product, solid warranties, honour the Consumer Guarantees Act etc (the Warehouse strategy) but DSE weren't really doing any of that.<br><br>
Don't know about Oz, but the Warehouse buying Noel Leeming and Kmart repositioning as a cut-price retailer had to be a kick in the nuts for them here. Kmart don't do much in the way of consumer electronics any more, but what they do sell is really cheap, and now the Warehouse have access to quality brands which they sell at good prices (some solid sales especially), as well as revitalising Noel Leeming who were also struggling a bit. -
Warehouse didn't buy Kmart, sorry if that was how it read. Kmart totally revamped their stores and range, and went full on cheap stuff. They also largely got out of consumer electronics - now they only really sell cables, phone cases, cd player/radios, mini speakers etc. No-name brands, cheap prices. <br><br>
Smith's City also killed off the Powerstore brand - rebranded them all as Smith's City. -
<p>Kmart have moved downward in their pitch, partly due to market forces, but also because Wesfarmers have both Kmart and Target on the books.</p>
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<p>They've effectively positioned them either side of Big W here in Australia, with Target providing a similar range, better quality, and keener pricing than Big W. Kmart goes for the cheap bucks in the meantime.</p> -
Apparently the banks called for receivership now to maximise cash on hand after Christmas and New Year sales, including gift cards and vouchers which would have been purchased but not yet redeemed.<br><br>
I also read that directors may find themselves personally liable for gift cards because they must have known they were in trouble, yet didn't stop selling them. -
<blockquote class="ipsBlockquote" data-author="Godder" data-cid="551052" data-time="1452107477">
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<p>Apparently the banks called for receivership now to maximise cash on hand after Christmas and New Year sales, including gift cards and vouchers which would have been purchased but not yet redeemed.<br><br>
I also read that directors may find themselves personally liable for gift cards because they must have known they were in trouble, yet didn't stop selling them.</p>
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<p>That shit has to be illegal, selling gift card, vouchers and only offering store credit for returns when knowingly the receivers are about to come in.</p>
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<p>My younger brother works for Dick Smith, apparently was called into a meeting along with fellow staff yesterday. Have yet to hear the details of what was said.</p>
