Dick Smith in store decline

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#1493179 16-Feb-2016 12:24

richms:

This appeared in my twitter timeline, but its a ($) link.

Someone want to read it and post a summary in your own words of what it says?

http://www.nbr.co.nz/subscribe/184746

Basically a Horizon Research "Electronics & Whiteware Stores" survey. ~1482 adults surveyed between Jan 26 and Feb 11. 83% said they heard something negative about them. Up from 33% in the November survey.

55% now would tell their friends to avoid DS, 26% in November (!!!)

Then there is a bit of focus on the Australian Senate Inquiry (focus on the receivership + IPO)

(Other bits from the graph at end of the article...

I'd be embarrassed to work for them: 52% (from 34%) - Conversely "proud to work for them": 17% (from 49%).

Overly I'm not impressed with them: 52% (from 23%).

Really doesn't bode well for a buyer as a going concern. My bet is any sale will be for parts/leases.

ajobbins

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#1493182 16-Feb-2016 12:28

richms:

This appeared in my twitter timeline, but its a ($) link.

Someone want to read it and post a summary in your own words of what it says?

http://www.nbr.co.nz/subscribe/184746

Long story short, their brand is trashed and people are avoiding them, which is problematic for any potential buyer.

I suspect the stock will be sold off at a huge loss and the DSE brand will not last the quarter.

Twitter: ajobbins

dejadeadnz

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#1493199 16-Feb-2016 12:45

I just wish the receivers would do everyone a favour already and kill DS.

hairy1

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#1493215 16-Feb-2016 13:10

You could read it with a free month trial:

http://www.nbr.co.nz/free

My views (except when I am looking out their windows) are not those of my employer.

amiga500

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#1493309 16-Feb-2016 15:54

When people despise a brand it's all over!

nigelj

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#1493327 16-Feb-2016 16:05

amiga500: When people despise a brand it's all over!

Pretty much... When you have 80% of people asked say they've heard something bad about you, and 50% saying they wouldn't recommend you to a friend, there is some serious damage done that'd be costly to repair. I don't even think another rebrand would help them.

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JimmyH

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#1493416 16-Feb-2016 19:59

ajobbins:

I suspect the stock will be sold off at a huge loss and the DSE brand will not last the quarter.

It will be a challenge. Manners Street, for instance, appears to have a huge quantity of large Christmas decorations taking up whole bays of shelves. Even at a steep discount, I would imagine that will be hard to shift in February/March.

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#1493419 16-Feb-2016 20:07

dejadeadnz:

I just wish the receivers would do everyone a favour already and kill DS.

They can't. Their job is to salvage as much as they can got unsecured creditors. With the cash burn at present to keep it running though that poses some interesting challenges.

hairy1

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#1493426 16-Feb-2016 20:23

JimmyH:
ajobbins:

I suspect the stock will be sold off at a huge loss and the DSE brand will not last the quarter.

It will be a challenge. Manners Street, for instance, appears to have a huge quantity of large Christmas decorations taking up whole bays of shelves. Even at a steep discount, I would imagine that will be hard to shift in February/March.

It is the same at Pukekohe. A whole shelf of lonely looking Christmas decorations at $50 each.... Sad really.

Rows and rows of car chargers as far as the eye can see in every colour imaginable....

My views (except when I am looking out their windows) are not those of my employer.

dejadeadnz

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#1493427 16-Feb-2016 20:29

sbiddle:

They can't. Their job is to salvage as much as they can got unsecured creditors. With the cash burn at present to keep it running though that poses some interesting challenges.

I know about receiverships and how they work - whilst they must not disadvantage the interests of the unsecured creditors, in practice the number one priority is the secured creditors. Sad but true. If I were staff at the appointing lending syndicate, I would be asking some very hard questions about whether keeping so many of the stores trading leads to better outcomes for the creditors. The DS brand just looks worse and worse by the day.

taneb1

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#1494456 17-Feb-2016 22:44

Noticed our local store has had a big notice on their door for the last few days saying they cannot currently take Eftpos payments.

Not sure if its related to the recent events, but they have multiple eftpos terminals so seems unlikely there would be a fault.

Any comments made are my personal views and does not represent those of my employer

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richms

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#1494476 17-Feb-2016 23:01

taneb1:

Noticed our local store has had a big notice on their door for the last few days saying they cannot currently take Eftpos payments.

Not sure if its related to the recent events, but they have multiple eftpos terminals so seems unlikely there would be a fault.

Perhaps noone paid the phone bill? Look for the lights being out next, then we will know they are seriously stuffed.

But having the ability for most people to pay you for what little stock is in the shop being broken for that long means that things must be bad.

I would say 2 weeks and we will see something furthur about taking it out the back and putting it out of its misery.

Richard rich.ms

DaveB

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#1494506 17-Feb-2016 23:47

amiga500: When people despise a brand it's all over!

I would struggle to understand why people should despise a brand? Reading through this thread - from some contributors I have certainly got an overwhelming sense of hatred coupled with a desire to see DSE fail rather than come through this. I fail to understand why people think like that, I really do.

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#1494594 18-Feb-2016 08:37

DaveB:

amiga500: When people despise a brand it's all over!

I would struggle to understand why people should despise a brand? Reading through this thread - from some contributors I have certainly got an overwhelming sense of hatred coupled with a desire to see DSE fail rather than come through this. I fail to understand why people think like that, I really do.

I suspect the word despise is not accurate, and would expect that it is simply a lack of trust or lack of faith in that brand causing number of feet through the door to drop significantly.

“Don't believe anything you read on the net. Except this. Well, including this, I suppose.” Douglas Adams

Dunnersfella

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#1494595 18-Feb-2016 08:38

DaveB:

amiga500: When people despise a brand it's all over!

I would struggle to understand why people should despise a brand? Reading through this thread - from some contributors I have certainly got an overwhelming sense of hatred coupled with a desire to see DSE fail rather than come through this. I fail to understand why people think like that, I really do.

Because the company is failing to deliver products that people have paid for.

Because the company no longer stands by the product that they sold in the past.

Because the company hasn't paid their bills to suppliers who sent them products... but other people who ran DSE got paid VERY well.

Are you really struggling to see the issues here?

Or do you think people are merely being vindictive for no reason.

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