Dick Smith in store decline

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#1462177 6-Jan-2016 10:38

Gift card holders. It's really unfortunate, I know, but you are wasting your time researching companies office, getting in contact with credit card companies, trying to find loopholes etc.

They're dead Jim.

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MikeB4

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#1462178 6-Jan-2016 10:39

logo: I know a company in liquidation is marked as such on the companies office website but does the same apply if it's in receivership or voluntary administration?

The Dick Smith NZ company looks fine. IN which case if only the Australian parent company has gone into receivership (leaving the NZ company untouched - for now), can they actually refuse to accpet/honour the gift cards/vouchers? (I know they're not legal tender)

Given that NZ is 100% owned by the Australian group one could not describe as being fine.

sbiddle

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#1462180 6-Jan-2016 10:42

NZ company is in exactly the same as the AU one. It's dead. Nothing will change that.

Anybody with a gift voucher is an unsecured creditor. End of story. You've got very little chance of seeing any of your money.

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#1462187 6-Jan-2016 10:48

sbiddle: NZ company is in exactly the same as the AU one. It's dead. Nothing will change that.

Anybody with a gift voucher is an unsecured creditor. End of story. You've got very little chance of seeing any of your money.

There is one faint glimmer, should DS be sold and the new owners decided to repeat the Whitcoulls example and honour the cards for goodwill. I don think this will happen as I cannot
see the Group being sold as a going concern. It will end up as very lean pickings for creditors and investors post liquidation.

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#1462202 6-Jan-2016 11:05

dafman: Gift card holders. It's really unfortunate, I know, but you are wasting your time researching companies office, getting in contact with credit card companies, trying to find loopholes etc.

They're dead Jim.

I don't have any gift vouchers but am interested to see how the impact of what's happening to the parent company in Australia impacts their NZ subsidiary here.

What does that mean to our big four Aussie-owned banks if one of those folds? (I suspect the Reserve Bank will have this covered off)

There must be examples of a parent company in one country folding but a subsidiary in another continuing to trade (not that the NZ side of DSE was doing that well anyway)

trig42

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#1462216 6-Jan-2016 11:32

How big is the Riccarton DSE?
Would it be big enough to fit a JB HiFi? (JB Stores have a much bigger footprint than the average DSE, but a DSE Powerstore like they have at Sylvia Park, and Manukau would be big enough).
Wonder if JB are interested. Probably not given the small size of most of the stores.

meesham

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#1462225 6-Jan-2016 11:47

trig42: How big is the Riccarton DSE?
Would it be big enough to fit a JB HiFi? (JB Stores have a much bigger footprint than the average DSE, but a DSE Powerstore like they have at Sylvia Park, and Manukau would be big enough).
Wonder if JB are interested. Probably not given the small size of most of the stores.

It's been a couple of years since I left Chch but from memory it's a decent size, but probably too small for a JB Hifi. It's a bit of an annoying space for a retailer, it's split over two levels and the bottom floor is a bit useless due to its size. I've always found it strange that we have a JB down here in Dunedin but there isn't one up in Chch.

trig42

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#1462226 6-Jan-2016 11:54

meesham:
trig42: How big is the Riccarton DSE?
Would it be big enough to fit a JB HiFi? (JB Stores have a much bigger footprint than the average DSE, but a DSE Powerstore like they have at Sylvia Park, and Manukau would be big enough).
Wonder if JB are interested. Probably not given the small size of most of the stores.
It's been a couple of years since I left Chch but from memory it's a decent size, but probably too small for a JB Hifi. It's a bit of an annoying space for a retailer, it's split over two levels and the bottom floor is a bit useless due to its size. I've always found it strange that we have a JB down here in Dunedin but there isn't one up in Chch.

Yeah, I think the earthquake stuffed things up for JB in CHCH - they need a pretty big footprint (and I'd assume bigger now that they have Home stores here in Auckland with Whiteware etc).

DaveB

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#1462249 6-Jan-2016 12:23

sbiddle: Nobody will want the Dick Smith brand. There is no value in it.

To the layman, I agree. It can certainly appear to be a valueless brand that nobody would want. However, if you know where to look - there will be value there (not as we know it Jim). The next few months will be interesting.

gareth41

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#1462258 6-Jan-2016 12:41

When a company is in liquidation its a good opportunity to approach them for anything they have that you may want as they will want the $$$, (excluding shop stock and other already advertised stuff). I was after a large solid satellite dish of at least 3m some years back now, the Riverhead Pub had one on its roof unused for many long years and I approached them and gave them an offer for it. I didn't know they were in liquidation at the time and hence my request was sent to the liquidators, they accepted my offer and sold it to me with my responsibility to get it off the roof. I later found out other people had also approached them for the large dish in previous years before I did and were declined by the owners even though it was last used in the 80's before the days of sky.

Dunnersfella

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#1462261 6-Jan-2016 12:44

trig42:
meesham:
trig42: How big is the Riccarton DSE?
Would it be big enough to fit a JB HiFi? (JB Stores have a much bigger footprint than the average DSE, but a DSE Powerstore like they have at Sylvia Park, and Manukau would be big enough).
Wonder if JB are interested. Probably not given the small size of most of the stores.
It's been a couple of years since I left Chch but from memory it's a decent size, but probably too small for a JB Hifi. It's a bit of an annoying space for a retailer, it's split over two levels and the bottom floor is a bit useless due to its size. I've always found it strange that we have a JB down here in Dunedin but there isn't one up in Chch.

Yeah, I think the earthquake stuffed things up for JB in CHCH - they need a pretty big footprint (and I'd assume bigger now that they have Home stores here in Auckland with Whiteware etc).

They'd make it fit!
It's big enough - and JB's don't mind stocking products on top of racks, so warehousing may be fine. However, once you bring whitegoods into the frame it becomes trickier.
I'm sure DSE and Noel's have put on a lot of pressure in the past to keep them out of Westfields as they'd do some sizable damage to their business.
Ultimately, there have been numerous opportunities to move into Chch in recent years,

trig42

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#1462266 6-Jan-2016 12:53

Dunnersfella:
trig42:
meesham:
trig42: How big is the Riccarton DSE?
Would it be big enough to fit a JB HiFi? (JB Stores have a much bigger footprint than the average DSE, but a DSE Powerstore like they have at Sylvia Park, and Manukau would be big enough).
Wonder if JB are interested. Probably not given the small size of most of the stores.
It's been a couple of years since I left Chch but from memory it's a decent size, but probably too small for a JB Hifi. It's a bit of an annoying space for a retailer, it's split over two levels and the bottom floor is a bit useless due to its size. I've always found it strange that we have a JB down here in Dunedin but there isn't one up in Chch.

Yeah, I think the earthquake stuffed things up for JB in CHCH - they need a pretty big footprint (and I'd assume bigger now that they have Home stores here in Auckland with Whiteware etc).

They'd make it fit!
It's big enough - and JB's don't mind stocking products on top of racks, so warehousing may be fine. However, once you bring whitegoods into the frame it becomes trickier.
I'm sure DSE and Noel's have put on a lot of pressure in the past to keep them out of Westfields as they'd do some sizable damage to their business.
Ultimately, there have been numerous opportunities to move into Chch in recent years,

Agree, especially on the Noels front - they have a lot of clout. A huge gorilla in the room (TWL and NLG merged must be a massive chunk of the NZ retail pie - especially in Browngoods). I have heard that the reason JBs haven't got F&P and Samsung Whites (in NZ yet, they have them in AU) is Noels.

mattwnz

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#1462288 6-Jan-2016 13:21

It is interesting to read articles in the NZ media, calling people who buy from the distress sales, as vultures. But the fact is that someone needs to buy the goods, and they are likely to get more by selling them off in a retail environment, than any other way. So the people buying them are providing a service, and sometimes getting a bargain at the same time. Possibly the goods may not have a warranty, or any CGA coverage if the retailer is no longer trading and they imported the good directly. Also the fact is that there are companies whose main business is picking over the carcass of a distressed company, and make a lot of money for it, and they aren't often critised.

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#1462319 6-Jan-2016 13:45

mattwnz: It is interesting to read articles in the NZ media, calling people who buy from the distress sales, as vultures. But the fact is that someone needs to buy the goods, and they are likely to get more by selling them off in a retail environment, than any other way. So the people buying them are providing a service, and sometimes getting a bargain at the same time. Possibly the goods may not have a warranty, or any CGA coverage if the retailer is no longer trading and they imported the good directly. Also the fact is that there are companies whose main business is picking over the carcass of a distressed company, and make a lot of money for it, and they aren't often critised.

I'm in the market for a cheap and nasty, point-and-shoot camera and attempted to be one of those vultures this morning. Popped into two different DSE branches. No deals to be done at all, all prices as ticketed. I was a bit surprised really.

I've joined a carpenters course. Haven't made anything yet....we've only just begun.

freitasm

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#1462324 6-Jan-2016 13:51

Yep. Was looking around for some TVs and the "prices are as marked" - which were pretty much the same prices as everywhere else.

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