Dick Smith in store decline

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#1446678 9-Dec-2015 19:12

Bah Humbug to Dick Smith

After reading through this thread, I zoomed in on sunday, couldn't find the damn store (Hamilton has changed a tad in the last 15 years), found a store at Centerplace, I'm sure there's supposed to be a bigger one somewhere

Got out my little list i had written up, and absolutely nothing i wanted was there.

I really only wanted a kindle (as much as I love my Kobo Mini, it would be nice to have something bigger), but also was looking at a wifi extender and MS Office if it was cheap, none of that.

Really does seem to be right place right time for some of these deals

'We love to buy books because we believe we’re buying the time to read them.' WARREN ZEVON

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MadEngineer

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#1446681 9-Dec-2015 19:24

for some of those you'll need to ask. their ipads mini 2's for example are still on the the shelf and online at the old price, but if you ask you can get them for $399

You're not on Atlantis anymore, Duncan Idaho.

Fred99

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#1446691 9-Dec-2015 19:33

Dairyxox:

There were huge profits for some parties involved, and unfortunately it seems fairly legal (from afar).

I'd love to see a post-mortem on this. From what I can see, Anchorage seem to be a small group of Toorak private school types, with CPA/LLB and MBAs for cred, a couple of secretaries, presumably a rented office, and that's about it.
Of course that's it for them - nobody in their right mind would invest in another Anchorage "divestment" IPO. But a few hundred million divvied up between them, they're laughing and on to something else.
It's a symptom of something not quite right IMO. Wide boys.

MikeB4

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#1446695 9-Dec-2015 19:40

Dairyxox:
MikeB4:
Fred99: "Strange" isn't quite how I'd put it. Anchorage make money by investment and divestment - that's what they do. Take it over, tart it up, flog it off. ASIC needs to investigate and find out if that tarting-up was a little too "creative". ASX also needs to have it cleared up, as if something dodgy did go on (likely IMO) then it destroys confidence in the market in general - especially for future IPOs.
Not that the investors who lost their nuts should expect anything back - it never seems to happen that way.

If you mean by "tart it up" they falsified the books that would be a serious fraud. I very much doubt a company who is in business to trade on the stock markets is going to risk it all on what is in reality a small
investment.

What is more than likely is four possible scenario's..

1. Gross mismanagement since the last fiscal reporting that has transformed the company viability.
2. Inventory sell down to prepare for change in direction.
3. Inventory sell down to reduce the stock on hand for possible buyout.
4. The stop credit by Panasonic may be the result of a billing dispute or errors. Larger companies often have stop credit, it does not necessarily mean they are doomed.

If you read the foragerfunds.com link provided a couple of times in this thread it fairly clearly shows whats happened, with much less speculation than your own posts...

Not trying to disrespect you, but its just painful seeing you go through all these scenarios when its already well outlined previously.

There were huge profits for some parties involved, and unfortunately it seems fairly legal (from afar).

What.

I am not referring to the profits buy the buy and sell of DSE, I am referring to the apparent rapid decline since fiscal 2014.

eracode

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#1446696 9-Dec-2015 19:42

Fred99:
Dairyxox:

There were huge profits for some parties involved, and unfortunately it seems fairly legal (from afar).

I'd love to see a post-mortem on this. From what I can see, Anchorage seem to be a small group of Toorak private school types, with CPA/LLB and MBAs for cred, a couple of secretaries, presumably a rented office, and that's about it.
Of course that's it for them - nobody in their right mind would invest in another Anchorage "divestment" IPO. But a few hundred million divvied up between them, they're laughing and on to something else.
It's a symptom of something not quite right IMO. Wide boys.

I think you have summed it up very well - it's a grubby business - probably legal from a strict point of view - but smartarse, immoral, opportunist, unethical, arrogant, ....

I'm sure they will do it again using a different corporate vehicle.

Reminds me of the saying from years ago about the im/famous original NZ asset stripper, Ron Brierley: "Why would you ever buy something Brierley wanted to sell?"

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

Dairyxox

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#1446876 10-Dec-2015 07:54

MikeB4:
Dairyxox:
MikeB4:
Fred99: "Strange" isn't quite how I'd put it. Anchorage make money by investment and divestment - that's what they do. Take it over, tart it up, flog it off. ASIC needs to investigate and find out if that tarting-up was a little too "creative". ASX also needs to have it cleared up, as if something dodgy did go on (likely IMO) then it destroys confidence in the market in general - especially for future IPOs.
Not that the investors who lost their nuts should expect anything back - it never seems to happen that way.

If you mean by "tart it up" they falsified the books that would be a serious fraud. I very much doubt a company who is in business to trade on the stock markets is going to risk it all on what is in reality a small
investment.

What is more than likely is four possible scenario's..

1. Gross mismanagement since the last fiscal reporting that has transformed the company viability.
2. Inventory sell down to prepare for change in direction.
3. Inventory sell down to reduce the stock on hand for possible buyout.
4. The stop credit by Panasonic may be the result of a billing dispute or errors. Larger companies often have stop credit, it does not necessarily mean they are doomed.

If you read the foragerfunds.com link provided a couple of times in this thread it fairly clearly shows whats happened, with much less speculation than your own posts...

Not trying to disrespect you, but its just painful seeing you go through all these scenarios when its already well outlined previously.

There were huge profits for some parties involved, and unfortunately it seems fairly legal (from afar).

What.

I am not referring to the profits buy the buy and sell of DSE, I am referring to the apparent rapid decline since fiscal 2014.

Its fairly well explained in the link.
It wasn't some mysterious decline, it was planned right from the IPO. They pumped it up, fiddled the books, and extracted the capital. The process of extraction made it look good for a year, then reality sets in (that nothing much is left).

Jaxson

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#1446896 10-Dec-2015 08:34

Total aside, but what's their point of difference now?
They rose up with the likes of their fun way electronic kits, at an age where computers and electronics in general were starting to impact on/ be available to the home consumer.

Nowadays they seem like another noel leemings, with no clear identity/angle in the market.

Rikkitic

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#1446899 10-Dec-2015 08:38

Went into Dick Smith Hastings yesterday. It was a sad-looking place. Looks to me like they are on the verge of closing down. Asked for some batteries and was told to try Jaycar.

Plesse igmore amd axxept applogies in adbance fir anu typos

Jaxson

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#1446931 10-Dec-2015 09:21

Just rang to reconfirm the A6000 stock levels. Code is the formal Sony name of ILCE-A6000 but this doesn't appear on the website at all. Non in stock, all showing 1, which was dismissed by the staff member on the phone.

jonathan18

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#1446936 10-Dec-2015 09:26

Jaxson: Just rang to reconfirm the A6000 stock levels. Code is the formal Sony name of ILCE-A6000 but this doesn't appear on the website at all. Non in stock, all showing 1, which was dismissed by the staff member on the phone.

Sorry to hear that, Jaxson; if I'd known you were interested I could have grabbed you the only other one in stock when I purchased mine (may have been the display model though). I won't go on about how amazing I'm finding the camera, then...

Sideface

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#1446941 10-Dec-2015 09:30

Jaxson: Total aside, but what's their point of difference now?...

That is not an aside - it goes right to the heart of the problem.

Even if DSE hadn't been screwed by Anchorage, they would still be a chain of boring overpriced shops with no real identity in the marketplace.

Sideface

Dunnersfella

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#1446949 10-Dec-2015 09:40

While they will
See themselves as competing with Noel Leeming
(Without Whitegoods) and JB HiFi (ditto - but also without most the media JB's have)...
In reality, with the level of gear they carry, they're pretty much in a bun fight with the Warehouse... Except, the Warehouse can out mussle them in every category.

richms

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#1446992 10-Dec-2015 10:06

Dse still had a wall full of 30 pin iPhone car chargers. An entire bay displaying them.

Beside an entire bay of $30 micro USB car chargers. Along from one that is all overpriced 2m HDMI cables.

Any other place would fire a manager stocking shelves like that. But at dse its all they have to fill space.

Richard rich.ms

tripp

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#1446997 10-Dec-2015 10:12

Dunnersfella: While they will
See themselves as competing with Noel Leeming
(Without Whitegoods) and JB HiFi (ditto - but also without most the media JB's have)...
In reality, with the level of gear they carry, they're pretty much in a bun fight with the Warehouse... Except, the Warehouse can out mussle them in every category.

And that is the problem, they are trying to do stock everything and over do it on the things they don't need to stock at all.

Like i said earlier if they did something good (i.e. apple products and laptops etc) train their staff in these products so they know what they are talking about then I think there is a place for them in the market.

BlueShift

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#1446999 10-Dec-2015 10:17

tripp:
Like i said earlier if they did something good (i.e. apple products and laptops etc) train their staff in these products so they know what they are talking about then I think there is a place for them in the market.

That's worked so well for Yoobee...

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