Dick Smith in store decline

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1238 posts

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#1465478 7-Jan-2016 23:18

logo:
Tell a lie, he found some mug (me!) to take the card off him for cash. Anyone know the best way to use an EB card without losing too much value? (I would say itunes cards but they are often 25% off elsewhere).

@logo EB in Dunedin pricematch JB etc. I picked up Fallout 4 for the PC for about $78 on release day. So it can be done if you find the right thing.
Otherwise use it to buy his birthday pressie :)

gzt

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#1465480 7-Jan-2016 23:22

Now I just have to hope it keeps working as there won't be anyone to return it to soon.

Uniden will honor the warranty.

Edit: same for any manufacturer I imagine tho dick smith house brand may be a concern if there is one.

benokobi

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#1465522 8-Jan-2016 01:22

Brand new Dick Smith in Queenstown wanted 40 bucks for those hdmi cables they were selling for dirt cheap a couple weeks ago.

mattwnz

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#1465523 8-Jan-2016 01:43

gzt:
Now I just have to hope it keeps working as there won't be anyone to return it to soon.

Uniden will honor the warranty.

Edit: same for any manufacturer I imagine tho dick smith house brand may be a concern if there is one.

I'd check that they weren't parallel imported goods (eg imported from Oz). If they are parallel imported, then the local manufacturer may not support them, and you may have to go to teh manufacturer overseas. For example, I believe the Samsung galaxy I purchased from DS a year or so ago was parallel imported, as it was the international version that was sold, and not branded to any carrier. I am not sure if it had an international warranty, but it is possible I have no claim to the manufacturer if I need to make a CGA claim.

eracode

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#1465524 8-Jan-2016 01:50

tdgeek:
eracode:
Geektastic:
gzt:
tdgeek:
gzt: It appears to me the law needs to be updated to further protect consumers in this scenario as secured creditors. The consumers were not intending to take on risk in return for a gain, they were just making a purchase.

Agree, good plan, but thats too hard. Your cash goes into the bucket, used to pay wages, power, rents, stock, profit. Its cashflow. Can't realistically earmark funds like that or put them into a trust account. You could argue that the power company might want to be a secured creditor as well. That would cause cashflow to be an issue in a successful business

No, but they can be closer to the front of the queue somewhere behind staff wages which are first in queue.

Richms suggestion of requiring an escrow is also valid.

The suppliers of any business eg the power company example and goods suppliers are taking a calculated business risk for gain. The consumer is in a different position.

I bet banks are first in the queue before anyone. Then Lawyers and the receivers. Then maybe someone else...

Banks will not be first.

The priority creditors - who will be paid before the banks - include the Receiver's fees and costs, unpaid PAYE and GST to go to the IRD, council rates, employees' holiday pay and a portion of unpaid wages. Then any secured creditors (those holding mortgages over property or debentures over the companies' assets) will be next. Then unsecured creditors, then shareholders if there's anything left.

It appears that the banks are secured creditors - NAB/BNZ and HSBC provided a new syndicated facility that was only put in place in June 2015 - repaying former lender Westpac. Westpac must be laughing (all the way to the bank!) at their narrow escape. The new banks' bosses must be looking sideways at the corporate relationship bankers who put the new facility in place so recently.

?? Off course they are, they appointed recievers to secure their assets as deemed under the security blanket they advanced funds to DSE with. The receivers are not there to deal with anyone else except the banks security being recovered. Some security blankets could be "these" assets, so only those assets can be recovered, any losses after that are unsecured. In this case I'd suggest that the security is more wide ranging, so the other assets cannot be touched, apart from what the receivers allow. Once the receivers have satisfied the recovery to the secured creditors that hired them, they will exit. Then the next step could be administration, to get the most out of whats left, which will be I would think, sale of the business as a going concern. If thats not going to happen, liquidators will sell everything. Whichever of these offers the highest cash return

It's not automatic that banks will be secured creditors in a situation like this. A lot of large corporate lending is done on an unsecured basis - under an arrangement called a Negative Pledge. The borrower does not give the banks a debenture/General Security Agreement but formally promises not to give security to any other lender, so that everyone ranks equally. The banks then rely on strong financial ratios to preserve the credit quality of their lending and the borrower is required to report its actual ratios to the banks on a regular basis. Failure to meet promised ratios is a default or breach of the lending T&C's.

However this is only done for the largest and strongest borrowers - DSE would not quite have been in that league. The only way to tell whether the lending is secured or under a Negative Pledge is by reading the borrower's Annual Report.

http://dicksmithholdings.com.au/wp-content/uploads/2015/10/DSH0001_AR15_LowRes_COMPLETE-LINKS.pdf

Sometimes I just sit and think. Other times I just sit.

invisibleman18

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#1465685 8-Jan-2016 10:13

KrazyKid:
logo:
Tell a lie, he found some mug (me!) to take the card off him for cash. Anyone know the best way to use an EB card without losing too much value? (I would say itunes cards but they are often 25% off elsewhere).

@logo EB in Dunedin pricematch JB etc. I picked up Fallout 4 for the PC for about $78 on release day. So it can be done if you find the right thing.
Otherwise use it to buy his birthday pressie :)

They will also pricematch in Wellington so it's always worth checking the prices at JB and the Warehouse which will usually be cheaper. I got a similar deal for FIFA 16 on release day from EB Johnsonville. They were selling it for $109 I think but matched the Warehouse price of $78, plus with the trade in of FIFA 15 and a gift card I had not much left to pay.

richms

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#1465694 8-Jan-2016 10:23

Has anyone else noticed that the dick smith email avalance has stopped? Or is it just me thats not getting 2-3 a day of the same lousy sale items?

Richard rich.ms

Equinox IT

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dolsen

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#1465697 8-Jan-2016 10:29

richms: Has anyone else noticed that the dick smith email avalance has stopped? Or is it just me thats not getting 2-3 a day of the same lousy sale items?

Yes, the silver lining...

gzt

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#1465698 8-Jan-2016 10:29

I ignored those hyped hyper emails for so long I did not notice they stopped. They were so uninteresting probably 20% of the failure right there.

JimmyH

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#1465737 8-Jan-2016 11:20

I tried them a few days before the receivership was announced. The front page of their flyer I got that day had a 10" tablet (admittedly fairly mediocre specs) for a good price, and I have an elderly relative with poor eyesight who could use something with a big screen for basic tasks (essentially just Gmail and solitaire).

Googling the model found a sponsored ad placement for the product at DSE, but when I clicked through I got a 404 error. It was unable to be found on their website at all. I went in and they didn't have any in the branch, and had never received any. I asked who did have stock and was told that the Queen Street had two and it was the only shop in the country showing stock.

Stunning incompetence. Printing and distributing a flyer nationwide where one of the the most prominent promotions was for a product where they effectively didn't have any stock at all, paying Google for click-throughs on ads linked to a non-existent web page.

I remember wondering whether the writing was on the wall at that point.

nigelj

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#1465876 8-Jan-2016 13:10

richms: Has anyone else noticed that the dick smith email avalance has stopped? Or is it just me thats not getting 2-3 a day of the same lousy sale items?

Good point, last I got was to advertise a sale on Tuesday. For people that don't believe how bad DSE were at emailing, I dumped some stats from my mailbox the other day and came up with https://stats.jnet.net.nz/email/dse.html Basically, May 27-Jan 4; 1-3 e-mails a day.

Jaxson

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#1465933 8-Jan-2016 14:26

Dunnersfella:
Do you think they'd be able to do me a deal if I buy in bulk? Say, 250% over market rate?

The price is pretty fixed for those items, but I'll throw in some gift vouchers to sweeten the deal...

mattwnz

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#1465967 8-Jan-2016 15:38

When they advertised a boxing day sale that began on Christmas eve and ended on Christmas day, and the feature item they were selling was a fit bit which was sold out as soon as the sale began, that is when you could see that something was seriously wrong. Looks like their Facebook page had been abandoned, and posts deleted. Looks of angry people posting on the last post they posted.

Dunnersfella

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#1466232 8-Jan-2016 21:59

Jaxson:
Dunnersfella:
Do you think they'd be able to do me a deal if I buy in bulk? Say, 250% over market rate?

The price is pretty fixed for those items, but I'll throw in some gift vouchers to sweeten the deal...

I'm tempted.
Please make sure you order half the goods in from another store, but it would be a lot better if you forget to do that. Then please make sure to tell me you're out of the other items - even though they're clearly behind the counter for staff members to buy at super low prices.
Thanks.

richms

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#1466285 8-Jan-2016 23:26

According to this, buyers lining up for the place.

http://www.stuff.co.nz/business/industries/75742695/Buyers-line-up-for-Dick-Smith-before-sales-campaign-is-launched?

Hmmmm, Wonder how BS that is just to spur interest in the sale of it?

Richard rich.ms

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