Dick Smith in store decline

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#1461352 5-Jan-2016 10:22

I see media reports now that receivers have been called in in AU. Not sure what that means for NZ stores/staff.

Lazy is such an ugly word, I prefer to call it selective participation

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#1461356 5-Jan-2016 10:28

It's worth noting that this doesn't mean they will go under, and it doesn't mean they are in Liquidation. Whilst both of these things may occur, it will usually depend on what the receivers find.

wellygary

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#1461358 5-Jan-2016 10:29

I would expect NZ to go down the same path...

Dunnersfella

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#1461391 5-Jan-2016 10:52

*Lines up outside store for cheap Apple laptop*

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#1461392 5-Jan-2016 10:52

scuwp: I see media reports now that receivers have been called in in AU. Not sure what that means for NZ stores/staff.

NBR report - nothing about the receivers being called in
3News report - NAB and HSBC have called in receivers and an administrator

Looking very close to a done deal to me. It's always possible they could trade their way out of administration but highly unlikely given the market jitters and everything else. I wouldn't be surprised to see their bigger ticket items being cleared out so those banks can recover as much money as possible.

surfisup1000

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#1461429 5-Jan-2016 10:59

Failures like this a vital for a good economy though.

I kind of felt guilty taking advantage of their pre xmas fire sale .

We were benefiting from cheap goods but the staff were in danger of losing their jobs.

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DarthKermit

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#1461457 5-Jan-2016 11:08

Anything good left in any of the stores today? Should anyone be wandering past...

ajobbins

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#1461466 5-Jan-2016 11:17

Fairfax papers in Oz saying Voluntary Administration not Receivership (there is a difference)

http://www.theage.com.au/business/retail/dick-smith-goes-into-voluntary-administration-20160104-glzbur.html

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surfisup1000

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#1461468 5-Jan-2016 11:18

ajobbins: Fairfax papers in Oz saying Voluntary Administration not Receivership (there is a difference)

http://www.theage.com.au/business/retail/dick-smith-goes-into-voluntary-administration-20160104-glzbur.html

Yep, but given the business model will anyone come to the rescue?

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#1461469 5-Jan-2016 11:19

NZ Herald saying "receivership": NZ jobs on the line as Dick Smith put into receivership.

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#1461472 5-Jan-2016 11:24

The Australia and NZ approach may be different.
You may go into voluntary administration first, and be placed into receivership depending on what they find.

Been trading on a name for some time now.

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#1461483 5-Jan-2016 11:34

surfisup1000: Failures like this a vital for a good economy though.

I tend to agree with this. In retail you are either profitable, or not. If you are not, fix it or get out of the way (and limit your losses before they get too big).

This sow's ear was glammed up to look like a silk purse, and the people who did so profited nicely. While I do feel sorry for investors, they should have done their homework.

I kind of felt guilty taking advantage of their pre xmas fire sale. We were benefiting from cheap goods but the staff were in danger of losing their jobs.

While I sympathise with this perspective, the jobs were on the line whether you made the purchase or not. The sale was on to get people spending money in stores, and you responded to that marketing campaign.

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jtan

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#1461488 5-Jan-2016 11:39

On Stuff now too, as "voluntary administrator" (perhaps they mean voluntary administration)...

http://www.stuff.co.nz/business/industries/75618531/dick-smith-goes-into-voluntary-administrator

Stan

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#1461491 5-Jan-2016 11:41

Another news source claiming receivership http://www.radionz.co.nz/news/business/293512/dick-smith-goes-into-receivership

ajobbins

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#1461492 5-Jan-2016 11:41

Not sure if it's been posted in this thread already (TL;DR), but @sbiddle posted this on Twitter earlier, and it's quite a good read: https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/

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