Dick Smith in store decline

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#1499505 26-Feb-2016 06:51

I agree, be nice to the staff, I would think it would suck working there at the moment. Even if there is a sale and knowing you can't buy anything (as you will be out of work soon) and still have to be nice and sell to others.

dolsen

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#1499519 26-Feb-2016 08:16

amiga500:

Well, the good news for the staff is that they will get their redundancy payments which will mean a lot for the longer serving guys.

From http://www.news.com.au/finance/business/breaking-news/dick-smith-to-close-its-doors-for-good/news-story/151dea23d97fce66d3a64cf0dfb10149

"All Australian employee entitlements are expected to be paid in full, while New Zealand employees will get up to the $NZ22,160 permitted by NZ law."

So, New Zealand employees are second class employees then.

tripp

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#1499522 26-Feb-2016 08:25

dolsen:

amiga500:

Well, the good news for the staff is that they will get their redundancy payments which will mean a lot for the longer serving guys.

From http://www.news.com.au/finance/business/breaking-news/dick-smith-to-close-its-doors-for-good/news-story/151dea23d97fce66d3a64cf0dfb10149

"All Australian employee entitlements are expected to be paid in full, while New Zealand employees will get up to the $NZ22,160 permitted by NZ law."

So, New Zealand employees are second class employees then.

Well no because it's NZ law, it sucks but that's the law in NZ

jamesrt

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#1499570 26-Feb-2016 09:19

New Zealand employees will get up to the $NZ22,160 permitted by NZ law.

Not sure why there would be an upper limit on redundancy compensation in law - there's no lower limit as far as I know (i.e. no entitlement in NZ law).

Any lawyers out there who can comment on what this upper limit is, and why/where it is in law?

lagbort

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#1499571 26-Feb-2016 09:20

Just had a quick look in the Manners St store in Wellington. No sign of any sale as of yet.

ludez

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#1499606 26-Feb-2016 10:07

Went into my local shop asked the dude if there is going to be a mega sale.He said there will be a sale and will most likely be %20 off max. WIll be nothing like the fire sale they had, so not sure if he just doesnt know all the info or thats what is actually going to happen.

Any thoughts?

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#1499613 26-Feb-2016 10:15

It will probably be a sliding scale, the longer the sale goes for the bigger the discounts leading up to closure. The receivers have to maximise the returns for the secured creditors they will not want to give the stuff away.

Here is a crazy notion, lets give peace a chance.

Dynamic

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#1499615 26-Feb-2016 10:18

I think they should just start taking 5% off per day.

Everything 5% off on Monday.

Everything 10% off on Tuesday.

Everything 15% off on Wednesday etc until it is all gone.

This would happen after they have established what they can return for a modest restocking fee to suppliers (e.g all of their shiny new blenders).

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wellygary

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#1499634 26-Feb-2016 10:32

jamesrt:

New Zealand employees will get up to the $NZ22,160 permitted by NZ law.

Not sure why there would be an upper limit on redundancy compensation in law - there's no lower limit as far as I know (i.e. no entitlement in NZ law).

Any lawyers out there who can comment on what this upper limit is, and why/where it is in law?

The limit comes from the Companies Act 1993 (Schedule 7, (3)(1) which places a limit on the preferential claims of wages (which outrank even Taxes owed to IRD)

Anything additional to that limit is lumped in with all other non-preferential claims,

I'm guessing the limit is there as it even ranks above IRD, and the govt wants to protect its tax income

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#1499639 26-Feb-2016 10:37

wellygary:
jamesrt:

New Zealand employees will get up to the $NZ22,160 permitted by NZ law.

Not sure why there would be an upper limit on redundancy compensation in law - there's no lower limit as far as I know (i.e. no entitlement in NZ law).

Any lawyers out there who can comment on what this upper limit is, and why/where it is in law?

The limit comes from the Companies Act 1993 (Schedule 7, (3)(1) which places a limit on the preferential claims of wages (which outrank even Taxes owed to IRD)

Anything additional to that limit is lumped in with all other non-preferential claims,

I'm guessing the limit is there as it even ranks above IRD, and the govt wants to protect its tax income

Send to me that a limit considered appropriate 23 years ago probably needs modernising.....!

amiga500

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#1499689 26-Feb-2016 11:16

Many redundancy clauses are not all that generous. For example 8 weeks' pay for the redundancy, and then 2 weeks' pay for each year of service, so most of the Dick Smith guys will

get nothing like the $22000 max figure.

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#1499697 26-Feb-2016 11:30

Sadly, this is not the first business that has been mis-managed until it folds.

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#1499902 26-Feb-2016 14:55

Dynamic:

I think they should just start taking 5% off per day.

Everything 5% off on Monday.

Everything 10% off on Tuesday.

Everything 15% off on Wednesday etc until it is all gone.

This would happen after they have established what they can return for a modest restocking fee to suppliers (e.g all of their shiny new blenders).

Would you buy online and pick up? Is that safe or will your money be swallowed?

Dynamic

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#1499906 26-Feb-2016 14:59

joker97:

Would you buy online and pick up? Is that safe or will your money be swallowed?

I don't know the right way to put it, but I believe that transactions conducted at present are "guaranteed by the receivers".

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

rphenix

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#1499907 26-Feb-2016 15:02

ludez:

Went into my local shop asked the dude if there is going to be a mega sale.He said there will be a sale and will most likely be %20 off max. WIll be nothing like the fire sale they had, so not sure if he just doesnt know all the info or thats what is actually going to happen.

Any thoughts?

Well given they are usually 20% or more overpriced wont be worth walking in.

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