Dick Smith in store decline

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#1592457 14-Jul-2016 12:57

jonb:

Apparently it's official - too much crap it couldn't sell. (I still think the private equity pillaged it rapaciously)

Actually checked the NZ Herald to see if the image was photoshopped. It wasn't.

(Nothing against you personally).

MikeB4

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#1592483 14-Jul-2016 13:16

jonb:
Apparently it's official - too much crap it couldn't sell. (I still think the private equity pillaged it rapaciously)

It will be studied at business school for years to demonstrate how not to run a company, I guess they had a purpose after all.

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

mattwnz

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#1592490 14-Jul-2016 13:28

jonb:

Apparently it's official - too much crap it couldn't sell. (I still think the private equity pillaged it rapaciously)

Also amazing to also see the falling standards and demise of media in NZ, using the word 'crap' in the caption.

dejadeadnz

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#1592491 14-Jul-2016 13:32

MikeB4:

It will be studied at business school for years to demonstrate how not to run a company, I guess they had a purpose after all.

From the POV of the private equity shareholders, this worked out absolutely beautifully. And that's the tragic part of it. OTOH, it's difficult for me to understand how any rational and semi-informed investor who spent more than 30 minutes reading the IPO prospectus could have believed in the miraculous turnover that Anchorage supposedly then managed.

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#1592494 14-Jul-2016 13:40

mattwnz:

jonb:

Also amazing to also see the falling standards and demise of media in NZ, using the word 'crap' in the caption.

Disagree: This sentence is a perfect Executive Summary, regardless of language used.

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#1592501 14-Jul-2016 13:42

Sideface:

Disagree: This sentence is a perfect Executive Summary, regardless of language used.

Unless it is a quote from the receivers report, it is the sort of language you would expect in a school newsletter. I mean, did the receivers report use the word? I doubt it, because they have a professional standard to meet.

I can see you point though, just because in this case they literally did have a lot of crap left over, which even at the end they were still overcharging for. But news organisations have professional standards to meet. Also it wasn't that long ago when the word was a banned word from most forums, as I recall you had to write it as cr@p for it to get through the filters. Bugger is the same. So our standards of what is acceptable language is dropping.

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MikeB4

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#1592505 14-Jul-2016 13:56

dejadeadnz:
MikeB4:

It will be studied at business school for years to demonstrate how not to run a company, I guess they had a purpose after all.

From the POV of the private equity shareholders, this worked out absolutely beautifully. And that's the tragic part of it. OTOH, it's difficult for me to understand how any rational and semi-informed investor who spent more than 30 minutes reading the IPO prospectus could have believed in the miraculous turnover that Anchorage supposedly then managed.

Agreed, this is a tale that will have many twists and turns and I believe considerable litigation.

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

mattwnz

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#1592508 14-Jul-2016 13:59

I think the receivers also did a good job at maximizing the amount they could get from the remaining crap they had. By reducing price every week or so, it worked like a reverse auction. Rather than just a big fire sale. So there were few really any great deals.

DravidDavid

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#1592761 14-Jul-2016 19:57

mattwnz:

I think the receivers also did a good job at maximizing the amount they could get from the remaining crap they had. By reducing price every week or so, it worked like a reverse auction. Rather than just a big fire sale. So there were few really any great deals.

It really did almost play out like it's own little scam.

Lots of people striding out of the store with multiple TVs and game consoles on box trollys thinking they got a "deal".

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#1603776 3-Aug-2016 18:33

Dick Smith owes unsecured creditors $22 million and $142.3 million to secured creditors.

"The New Zealand arm of collapsed electronics chain Dick Smith owes unsecured creditors about $22 million, a new report reveals. The Kiwi subsidiary also owes just over $142.3m to secured creditors such as banks, and has paid nearly $300,000 in professional fees, according to outgoing administrators McGrathNicol."

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#1647656 8-Oct-2016 11:12

The explanations sound more like a joke: Dick Smith boss explains 12 years of batteries.

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#1647663 8-Oct-2016 11:42

During the last months in Hastings, batteries sold out early and were never restocked. I kept checking but there were none to be had at any price, high or low. This entire sorry mess stinks from beginning to end. I don't know how much is dishonesty, how much simple incompetence, but someone sure wasn't doing their job.

Plesse igmore amd axxept applogies in adbance fir anu typos

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#1647672 8-Oct-2016 12:36

Rikkitic:

During the last months in Hastings, batteries sold out early and were never restocked. I kept checking but there were none to be had at any price, high or low. This entire sorry mess stinks from beginning to end. I don't know how much is dishonesty, how much simple incompetence, but someone sure wasn't doing their job.

...or if it was dishonesty, someone was doing their job all too well in terms of scamming and covering it up.

mattwnz

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#1647692 8-Oct-2016 14:38

How come the herald is doing so many articles about this topic? It is done and dusted, and boring. People lost far more money in other things such as Finance companies, but nowhere as many articles were done about those companies.

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#1647959 9-Oct-2016 13:01

I don't knowabout that, it is an interesting story that may have some important lessons for investors and other New Zealand retailers. And, as someone who remembers back to when Dick Smith was actually a tech store that was relevent to GZ types, I'm quite interested in the saga of what went wrong and whether/how it was avoidable.

I'm certainly more interested in the details of the Dick Smith saga than what Aaron Smith got up to in a toilet (which the media currently seem to think is the most important news story in the world at the moment), or in who did something to someone else on a reality tv show.

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