Dick Smith in store decline

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1484 posts

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#1502408 1-Mar-2016 20:34

Like someone else said the Dick Smith staff seem to be surprisingly upbeat. I guess after 2 months of uncertainty and rumours it must be almost a relief to know what is happening. They just have to hang in there a little longer to get their redundancy payout & let the liquidators close the doors for the last time.

blakamin

4431 posts

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#1502432 1-Mar-2016 20:39

This was an interesting read...

Dick Smith is the Greatest Private Equity Heist of All Time

hyperman

418 posts

Ultimate Geek

#1502461 1-Mar-2016 21:10

amiga500:

Like someone else said the Dick Smith staff seem to be surprisingly upbeat. I guess after 2 months of uncertainty and rumours it must be almost a relief to know what is happening. They just have to hang in there a little longer to get their redundancy payout & let the liquidators close the doors for the last time.

redundancy?
normal pay, leave owed yes but AFAIK that would require money to be in the bank... quite possibility a while down the track once/if all the secured creditors have been paid

The views expressed by me are not necessarily those of my employer

Jaxson

8042 posts

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#1502497 1-Mar-2016 22:18

hyperman:
leave owed yes

I believe there some issue around this, maybe just days in lieu but also maybe annual leave.

Not a good situation for employees there.
Essentially the company they had been working for was bled dry, and was not rcoverable by the new owners.

slingynz

154 posts

Master Geek

#1502717 2-Mar-2016 10:04

hyperman:

redundancy?
normal pay, leave owed yes but AFAIK that would require money to be in the bank... quite possibility a while down the track once/if all the secured creditors have been paid

http://www.radionz.co.nz/news/national/297442/dick-smith-to-close

"The closure will affect about 430 staff in New Zealand, who are entitled to redundancy payouts of up to $22,160.

The entitlements of those who are made redundant will have preferential treatment over other secured creditors."

mentalinc

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#1502721 2-Mar-2016 10:08

Just noticed there is an advert in the NZ Herald today where the customer database is on the list of IP for sale....

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andrew027

1286 posts

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#1504732 2-Mar-2016 10:58

mentalinc: Just noticed there is an advert in the NZ Herald today where the customer database is on the list of IP for sale....

Interesting. I wonder how that lines up with New Zealand's privacy principles on the collection, retention and use of personal information?

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wellygary

8328 posts

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#1504828 2-Mar-2016 12:29

blakamin:

This was an interesting read...

Dick Smith is the Greatest Private Equity Heist of All Time

An IPO takes 2 to tango, both a seller and a buyer,

It was clear from a million miles that DSE was in a declining retail space, and those who signed up as new shareholders are just as complicit as the corporate raiders flogging it....

Hammerer

2476 posts

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Lifetime subscriber

#1505007 2-Mar-2016 15:11

wellygary:

blakamin:

This was an interesting read...

Dick Smith is the Greatest Private Equity Heist of All Time

An IPO takes 2 to tango, both a seller and a buyer,

It was clear from a million miles that DSE was in a declining retail space, and those who signed up as new shareholders are just as complicit as the corporate raiders flogging it....

The new shareholders were not complicit.

Complicit means engaging in an illegal or morally questionable act. The corporate raiders have definitely been morally questionable and they may well have broken at least one law. The new shareholders have been suckers which is neither unless stupidity is a crime.

scuwp

3885 posts

Uber Geek

#1505522 3-Mar-2016 14:21

And now the receivers apparently want to sell all our customer details to the highest bidder! Grrrrrrr

http://www.stuff.co.nz/business/industries/77500628/dick-smith-receiver-ferrier-hodgson-looking-to-sell-customer-database

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

lagbort

263 posts

Ultimate Geek

ID Verified

#1505527 3-Mar-2016 14:27

scuwp:

And now the receivers apparently want to sell all our customer details to the highest bidder! Grrrrrrr

http://www.stuff.co.nz/business/industries/77500628/dick-smith-receiver-ferrier-hodgson-looking-to-sell-customer-database

Saw that yesterday, I logged in and changed all my info to made up nonsense. Not sure if it will actually alter anything (change logging?) but it made me feel better at least :p