Dick Smith gooooooone?
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<p>and those are the bread and butter stuff that they make huge mark-ups on because people expect own branded stuff to be lower priced and Joe Average doesn't shop around for.</p>
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<blockquote class="ipsBlockquote" data-author="rotated" data-cid="550696" data-time="1451956441">
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<p>This is a <a data-ipb='nomediaparse' href='http://webcache.googleusercontent.com/search?q=cache:6ejGUtuY55oJ:https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/+&cd=1&hl=en&ct=clnk&gl=us'>pretty interesting read</a> from back in October detailing how things got where they did (post Woolies at least). Had to use Google Cache as the original site is down.</p>
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<p>That's an incredible read. Amazing that people got sucked in by this. </p> -
<blockquote class="ipsBlockquote" data-author="jegga" data-cid="550713" data-time="1451961158">
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<p>Is Dick Smith like the mad butcher and only uses Smiths name now?</p>
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<p>Yeah Dick cashed out years ago.</p>
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<p>Hits the nail on the head here re Anchorage Capital: <a data-ipb='nomediaparse' href='http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html '>http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html </a></p> -
<blockquote class="ipsBlockquote" data-author="rotated" data-cid="550696" data-time="1451956441">
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<p>This is a <a data-ipb='nomediaparse' href='http://webcache.googleusercontent.com/search?q=cache:6ejGUtuY55oJ:https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/+&cd=1&hl=en&ct=clnk&gl=us'>pretty interesting read</a> from back in October detailing how things got where they did (post Woolies at least). Had to use Google Cache as the original site is down.</p>
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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> -
<blockquote class="ipsBlockquote" data-author="barbarian" data-cid="550739" data-time="1451966903">
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<p>Yeah Dick cashed out years ago.</p>
<p> </p>
<p>Hits the nail on the head here re Anchorage Capital: <a data-ipb='nomediaparse' href='http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html '>http://www.smh.com.au/business/retail/dick-smith-sees-survival-alongside-harvey-norman-jb-hifi-20160105-glzkdw.html </a></p>
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<p>The link's dead Baabaa.</p> -
<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.