Dick Smith gooooooone?
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<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> -
<p>yeah they were saying on the news last night it was kind of an odd situation, they had to act like everything was normal and 'most' would have liked to think they could trade out of the shit, and to stop selling gift cards would have obviously alerted people to problems and then they'd of missed a lot of the Christmas cash as people would be worried about warranties etc.</p>
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<blockquote class="ipsBlockquote" data-author="Virgil" data-cid="551053" data-time="1452109053"><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.<br><br>
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></blockquote>
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As I understand it, it's illegal for companies to knowingly take on liabilities that can't be repaid, which is basically what gift cards are (liabilities), so the directors could find themselves in hot water. -
<blockquote class="ipsBlockquote" data-author="NTA" data-cid="551030" data-time="1452080949">
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<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>
<p> </p>
<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>
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<p>Kmart are killing it in the decorating department. The missus and all her mates buy heaps of decorating shit from there, because apparently it's good, and cheap as fuck. </p> -
Just read that Dick Smiths was sold for 20 million and listed for 560 million. Firstly, who was stupid enough to buy that stock and secondly, isn't that borderline fraud?
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<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="551223" data-time="1452140297">
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<p>Just read that Dick Smiths was sold for 20 million and listed for 560 million. Firstly, who was stupid enough to buy that stock and secondly, isn't that borderline fraud?</p>
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<p>It was originally sold to Woolworths for $20 million in 1982. The sale by Woolworths to Anchorage was for $112 million in Nov 2012. Not that it makes much difference to your general points!</p> -
<blockquote class="ipsBlockquote" data-author="Rancid Schnitzel" data-cid="551223" data-time="1452140297">
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<p>Just read that Dick Smiths was sold for 20 million and listed for 560 million. Firstly, who was stupid enough to buy that stock and secondly, isn't that borderline fraud?</p>
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<p>Only fraud if the info disclosed was untrue or info that had to be disclosed legally was not. Not seeing any of that here</p> -
<a data-ipb='nomediaparse' href='http://i.stuff.co.nz/business/industries/75742695/Buyers-line-up-for-Dick-Smith-before-sales-campaign-is-launched'>http://i.stuff.co.nz/business/industries/75742695/Buyers-line-up-for-Dick-Smith-before-sales-campaign-is-launched</a><br><br>
All may not yet be lost. -
I actually had a very close relationship with our bank RE. (1. She was hot, and 2. She was really good at her job. I discussed this stuff with her over wine and off record. <br><br>
Apparently it will take a bit for the bank to be the one to pull the pin. Normally they can make more many other ways than winding you up. -
<blockquote class="ipsBlockquote" data-author="mariner4life" data-cid="551582" data-time="1452334728"><p>I actually <strong>had </strong>a very close relationship with our bank RE. (1. She was hot, and 2. She was really good at her job. <strong>I discussed this stuff with her over wine and off record.</strong><br></p></blockquote>
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Lucky girl.... -
Haha yeah that didn't read quite how i meant it to
