Dick Smith Enters in Liquidation, Closure of Stores / Closing Down, Sales

Lthe-mal on 04/01/2016 - 11:21
Last edited 02/05/2016 - 15:37 by 3 other users

Dick Smith shares are now in a trading halt with an announcement on debt financing due by Wednesday.

More bad news for Dick.

http://www.smh.com.au/business/retail/dick-smith-shares-ente…

Get the bargains whilst they last because I can't see Dick Smith existing much longer.

Recent Updates:

Discounts via BI:

Apple products, including iPhone, iPad, Apple Watch: 5%
Apple cables: 30%
Game consoles and games: 20%
All TVs: 20%
Samsung phones, tablets and TVs: 20%
All Smartphones (Except iPhone): 20%
Laptops: 20%
Microsoft, including Surface products: 20%
Drones: 20%
DSLR cameras: 20%
Headphones, including Beats: 30%

Older Updates:

General Discussion

Related Stores

Dick Smith / Kogan
Dick Smith / Kogan
Marketplace

Comments

  • [Deactivated] on 05/01/2016 - 14:10
    +5

    Glad I am not a Dick Smith investor.

    For the rest of us we can laugh at DSE corporate website…

    Visit the following link
    http://dicksmithholdings.com.au/about-us/

    Scroll down to The Story of Dick Smith timeline

    Why on hell would closing 73 stores (between 2010-2012) be a highlight of your corporate history?

    Perhaps McDonalds should highlight the Monopoly fiasco, Coles the foreign fresh baked daily goods or Woolworths in allowing greedy shoppers to buy trolley loads of baby formula.

    Investors … Stupid management equals receivership. I would also sell all my shares if any of these clowns were appointed to run another Australian retailer.

    • [Deactivated] on 05/01/2016 - 15:03

      The proper context can explain this - essentially they're trying to show off Woolies failure with the business before Anchorage bought it and set-up the IPO.

    • Cabbage_enforcer on 05/01/2016 - 14:33
      +14

      What a terrible thing to do to someone… They were already under administration an hour ago.

      • infinite on 05/01/2016 - 18:34

        They weren't under administration at the time the sale offer & acceptance.

    • smashed on 05/01/2016 - 14:34

      Surely the buyer couldn't use them?

      • infinite on 05/01/2016 - 18:26

        I guess not now, they'll be an unsecured creditor.

    • the-mal on 05/01/2016 - 14:37
      +8

      Talk about lucky timing.

      Not for the poor sod who just paid you $160 for a few useless pieces of plastic. Buyer beware, but that's still pretty jerky.

      • ash2000 on 05/01/2016 - 20:26

        Who's stupid enough to buy vouchers from Gumtree….. My guessing "infinite is just being a troll".

    • Lioness15 on 05/01/2016 - 15:02
      +5

      Dick move.

    • Impulse Buy on 05/01/2016 - 17:56
      +1

      What a horrible thing to do to someone, nothing to be proud of

    • infinite on 05/01/2016 - 18:25
      -3

      You clowns are commenting like I had any knowledge this had happened?

    • Nutrino on 05/01/2016 - 18:35
      +1

      What a scumbag move. Your buyer out 0c in the dollar.

      • infinite on 05/01/2016 - 18:37
        -1

        I put the cards up for sale two weeks ago & the offer/acceptance came through before they went under.

        • [Deactivated] on 05/01/2016 - 18:46
          -3

          Yeah, right bro.

        • infinite on 05/01/2016 - 18:48

          @KaptnKaos:

          Re-read my original comment. I said it right from the beginning.

        • Cabbage_enforcer on 05/01/2016 - 19:52
          +3

          You took someones money for a worthless piece of plastic a few hours after Dick Smith had gone into administration, then bragged about ripping them off an hour later online.

          Don't know what warped world you live in, but your rehash of year 11 legal studies contract law doesn't justify such lowlife behaviour, let alone boasting about it.

        • infinite on 06/01/2016 - 11:24

          @Cabbage_enforcer:

          Go back to year 3 and have a crack at some basic reading comprehension. No one was ripped off. The sale was made in good faith and the cards were listed for sale over a week ago, as well as the offer & acceptance complete well before Dick went under. There was zero chance the buyer or myself could have known a WEEK AGO that this would happen.

  • abacus on 05/01/2016 - 14:26

    Thanks for all the fish.

  • bryans on 05/01/2016 - 14:27
    +1

    Receivers have stated gift cards are not being honoured - "…any outstanding gift vouchers held by customers will not be honoured and deposits will not be refunded."
    Ref: http://www.abc.net.au/news/2016-01-05/dick-smith-enters-volu…

  • captain smash on 05/01/2016 - 14:37
    +1

    My bet is these two pages either get taken offline or are simply changed to a set of names.. no photo or bio. Damage control? HIDE!

    http://dicksmithholdings.com.au/directors-and-management/
    http://dicksmithholdings.com.au/senior-management-team/

  • Wallace on 05/01/2016 - 14:52

    Is it really unsafe to buy right now?

    I would really like to buy their laser mouse pad right now for only $3.51:
    http://www.dicksmith.com.au/computer-accessories/dse-laser-m…

    That's pretty cheap and not very profitable.

    • imahapyboy on 05/01/2016 - 15:12
      -1

      buy it! only $3.51! i made $3 in 5 mins~

  • [Deactivated] on 05/01/2016 - 14:52

    Woolworths should buy back Dick Smith. Woolies management likes losing money if Masters is any indication. They can then band the two brands together.

    Masters powered by Dick Smith.

    • kirt on 05/01/2016 - 14:54
      +14

      "Dick Master"

      • ca6leguy on 05/01/2016 - 14:59
        +2

        "Dick Master Better"

        • [Deactivated] on 05/01/2016 - 15:02

          Betty from Betta electrical is not happy.

      • [Deactivated] on 05/01/2016 - 15:00

        I love it. Laughs!

        From a business point of view the marriage would be a good one. Masters already sells a lot of electrical so adding stuff like TVs and computers to the mix wouldn't that bad. Plus it would deliver more customers to Masters stores.

      • [Deactivated] on 05/01/2016 - 15:03

        I can only speak for myself.. Who would want 10% off their dick :P I wouldn't

        • boonanza on 05/01/2016 - 15:14
          +4

          Caitlyn Jenner

      • marquise on 05/01/2016 - 17:39

        Masters of Dickverse

  • Marok on 05/01/2016 - 14:56

    Please help me, I order online on DS site but order cancelled by them few days ago.

    Will I get my money back from them or not ? as they told me in email it will take 5 business days to get refund.

    • chiefbodge on 05/01/2016 - 15:09
      +4

      Ask them if you are still getting a refund if the answer is no or they don't respond and you paid by credit card then call your bank and ask to do a chargeback on the transaction, if you paid by paypal then lodge a paypal dispute.

      • Marok on 05/01/2016 - 17:02

        thanks, I paid via master card and I will call them asap.

      • itsfree on 05/01/2016 - 18:45

        I have never lodged a chargeback before. Which category would I select on the ANZ chargeback form?

        • Buy1tN0w on 05/01/2016 - 18:47
          +1

          Have not received the goods

  • ca6leguy on 05/01/2016 - 14:56
    +1

    Where are we going to get our supply of Eneloops now?

    • [Deactivated] on 05/01/2016 - 15:01

      Exclusive to eBay Eneloops being flogged off by Broadie.

  • regenade on 05/01/2016 - 15:11
    +4

    So NAB & HSBC have $40M in Debit, if DSE stock and all is worth say $10M, do they take the hard pill down ? Finally NAB gets back its own kick and boot for its wrong doings and now saying More Give and Less take, take it NAB, its a penny change for you anyway.

    • linkii on 05/01/2016 - 16:00
      +1

      They"ll just up the fees

  • ohemgee on 05/01/2016 - 15:12
    +4

    Now let me recall what happened in October 2015… Nick Abboud says he will do whatever it takes to bring customers back into stores…. by slashing prices and sacrificing profits…. so what happens? Dick Smith runs crazy fire sales…. only for staff to buy all the discounted goods (and then most likely sell them on the side)…. yep so customers go into stores and leave empty handed…. because they're too pissed off to buy anything else… Now I wonder whether that had anything to do with Dick Smith's last attempt to crawl back up?

    • regenade on 05/01/2016 - 15:14

      Dick Smith Daily Deals :P

    • GreatWhiteHunter on 05/01/2016 - 15:27
      +1

      Nick Abboud should be the next Federal Treasurer when the ALP get back into power

      • lbft on 05/01/2016 - 22:41

        Because Hockey was such an unmitigated success for the Coalition.

    • everyone on 05/01/2016 - 16:17
      +1

      I remember all the DSE staff keeping the heavily discounted stock out back and buying them all in the morning before they opened the front doors. One staff member even came into the store to buy stuff infront of all the customers and prompty left after doing so.

    • Lichen6420 on 05/01/2016 - 17:19

      Yep i avoided the FIRE SALE because of this… i was going to go check it out but figured there was no point in doing so after reading this was happening.

  • Vieira4 on 05/01/2016 - 15:33
    -1

    Not that I have a gift card but if I did I'd go in there and slam that sucker down on the counter and take something of similar value off the shelf and walk outta there.

    • kirt on 05/01/2016 - 15:44
      +4

      If I had a gift card, I would cut it into the shape of an football, then drop kick it over the counter at Dick Smith, and then…oh wait…I do have a gift card…FFFFFFFFAAAAAAAAAAARRRRRRRRRRKKKKKKKKKKKKKK!

    • GreatWhiteHunter on 05/01/2016 - 15:49
      +1

      If I had a gift card I would take a dump, wipe with it, then leave it on the counter at DS

      • Vieira4 on 05/01/2016 - 15:54

        but still walk out with something right? Oh man your comment cracked me up big time!

        • imahapyboy on 05/01/2016 - 15:56

          na, not anymore, lucky i spend all mine this morning

      • Associatedbrendongl @ Dick Smith / Kogan on 05/01/2016 - 16:28
        +24

        Yes you're angry. Please feel some compassion though for the hard workers and managers of the stores who DID do good service by you, and remember they are not the reason the company has gone into the dirt, but its upper management.
        Also, please note that we are legally obligated by the banks to NOT REFUND ANY ITEMS, faulty or customer orders.
        If we give you you're money back, we are literally criminals, same as if you were to walk into a store with a gift card, leave it on the table and walk out with an item….

        If anything, find out where Ex-CEO Nicholas Abboud lives, and send him some shit in express mail instead.

        Now time to find a job…lol

        • regenade on 05/01/2016 - 18:25
          +3

          Lol u still believed the emails or instructions from your manager or dse HO. You are not obligated to follow anything from DSEs creditors, Administrators can't do anything to you and they have least of interest in these things now.Anyway you are not going to work at DSE anymore so do your best on how you can help customers and not a deep $hit company like DSE

        • lukeghulm on 05/01/2016 - 22:28
          +5

          Regardless of whether it is true or not that it would be illegal to leave your gift card on the counter and walk out with an item of equal value, who at Dick Smith (or the Administrators or Receivers) do you think would actually go through and press criminal charges?

          A near enough situation happened to me at Harvey Norman on Christmas eve… they were refusing to hand over my wife's order because her first name on her ID (her real name) did not match the first name of the order (her common name) despite the fact that the credit card, address and phone number all matched and were presented.

          I walked into the store (I had been in the car) and took the item and was confronted before leaving the store with said item - I told them to call the police if they liked but I was leaving with the item we had paid for… lets just say I was allowed to go and nothing came from it.

          If you've paid for something and a (profanity) is trying to stop you there is no point being nice about it - whether it is against the law or not the law will not be brought to bare in the case.

    • scottb721 on 05/01/2016 - 23:06

      My thoughts exactly.

  • overlord on 05/01/2016 - 15:48
    +1

    How much is DS worth now? If we OZB put our money together we can buy up DS and change its name to OZB :)

    • Davo1111 on 05/01/2016 - 15:55
      +10

      I dont think you want a business run off the good will of OZB customers

    • snvl on 05/01/2016 - 15:56
      +6

      we couldn't agree on who gets the eneloops

    • inherentchoice on 05/01/2016 - 16:09

      Dick Smith: OzBargained

      • nismo on 05/01/2016 - 16:12
        +4

        OzBargain: Dick Smithed

    • [Deactivated] on 05/01/2016 - 21:52
      +1

      Imagine the "Ozbargain" store filled with envelops , $9 wireless printers , $499 macbook air's and more!

  • GreatWhiteHunter on 05/01/2016 - 15:48
    +1

    It will be interesting to see what name the NRL Auckland Nine's tournament is played under.

    It was the "Dick Smith Auckland Nines" but I have a funny feeling it won't be any more

    http://www.nzherald.co.nz/sport/news/article.cfm?c_id=4&obje…

    • tomleonhart on 06/01/2016 - 08:59

      I believe Dick Smith in New Zealand is still profitable.

  • brichman on 05/01/2016 - 15:52
    +5

    Who dicks around everyone? Dick Does! What a pathetic add campaign that was. It's been going downhill ever from the first day that Anchorage took over. The three years I spent working under Woolworths were great, and as soon as Anchorage took over and treated their employees like dirt, cutting staff, and abusing people's good nature by working back large amounts of extra hours for no pay… You think they'd be smart enough to realise that staff make your company, and if they aren't happy, well good luck being successful.

    This has been a long time coming.

  • rack on 05/01/2016 - 15:52

    jees lucky i picked up 3 of my orders yesterday arvo and returned one of those orders yesterday. Already got my refund. Phew just in time.

  • aaronaldo on 05/01/2016 - 16:07
    +2

    According to ABC News:

    Dick Smith customers who have paid deposits on goods or bought gift vouchers will not have either honoured by the company's newly appointed receivers.

    Yet it looks like dicksmith.com.au is still allowing online orders. Are they allowed to do that?

    • chumlee on 05/01/2016 - 17:56

      Yes they can do it. Today is a new chapter for this company so anything that was bought prior to today but not paid in full and gift cards is yesterdays news as far as receivers concerned

  • yaziyo on 05/01/2016 - 16:12

    As someone who worked there 2 years ago (the end of the Woolies days) I'm not surprised. DS wanted really hard to be JB Hi Fi while not willing to provide staff any of the ability to actually negotiate prices with customers. Not to mention the ancient stock that was lying around, and the apparently lack of any ability to stock in-desire items.

    I was only a casual there, but it will be sad for all the full-time workers there who already went through a whole lot of uncertainty after the last round of liquidation…

    • chrig on 05/01/2016 - 23:18
      +1

      When they had the Powerhouse stores they were actually pretty good. Some of the deals I got up including a 76cm widescreen CRT TV and DVD recorder were the best deals going anywhere.

      Plus they had that great returns policy of 14 days no questions asked (although I understand it was abused

  • taoz on 05/01/2016 - 16:15
    +6

    this is a disgrace
    I have a lot of gift cards. Store wont take them yet takes everyones cash in the store.
    Store shouldn't be allowed to be open at all.

    • regenade on 05/01/2016 - 16:37
      +1

      It was posted yesterday and a known fact in most cases whenever a company goes into administration. You are just too late and didn't heed any of the warnings

    • attfiecz2 on 05/01/2016 - 16:42

      The cash in the registers is in part what will hopefully be used to compensate gift card holders.
      Those with cards are now unsecured creditors and if the company is liquidated, the money it is making today will go towards paying outstanding debts.

    • Olokun on 05/01/2016 - 16:52
      +2

      If people didn't learn from the Borders giftcard saga hopefully they will learn from this.

      Giftcards are a "scam" at the best of times (unless purchased or less then face value of course).

      • ca6leguy on 05/01/2016 - 17:35
        +2

        When retailers sells discounted gift card, we know that they have cash flow problems. Avoid like a plaque. Seen it happen too many times.

  • frostman on 05/01/2016 - 16:27
    +3

    Dick Smith is an expensive retailer that dug its own grave

    They're notorious for plastering their shop-front windows with "30% off!!!" and when you walk in, they say they have no stock.

    So you're left with 1 of 2 things:

    A.) DSE-branded garbage
    B.) Hyper-inflated branded items where the 30% doesn't budge it like most of their outright mobile phone and laptop prices.

    The only good picks I've ever got from there are Batteries/battery Charges, Powerboards, Mobile/Tablet cases, and all other like-minded accessories.

    They recently had an iPad Mini Clearance, I asked the store manager (whom I know quite well) and he advised there were only 2 in stock, he reserved one for himself and the other went to another staff member. Yet they had the balls to coerce customers in with this shamble deal.

    • mavis30551 on 05/01/2016 - 16:42

      I got a great deal on that Ipad mini clearance! Ipad mini 3 for $298 - Bargain!

  • [Deactivated] on 05/01/2016 - 16:32

    I want to get the hp pavilion x360 11 off the dicksmith ebay website as I have a 10% off ebay voucher (targeted offer). Does anyone think that they would honour this and would I be safe with paypal

  • jv hi fi on 05/01/2016 - 16:33

    Ordered some eneloops last night with gift card. They have no stock of it so will leave it on standby.

    Sorry to the workers, must be depressing with the thought of losing work.

  • Gaz1 on 05/01/2016 - 16:35
    +3

    There really needs to be some protection in place for gift card purchases.
    Sad to see Dick Smith go down like this, and feel sorry for all the staff.

    • INFIDEL on 05/01/2016 - 16:53
      +3

      Hard to think how that would work. Buying gift cards, you are buying credit in a business. Workers for businesses have enough trouble getting their earned wages & benefits from a business that fails. Gift card buyers are at the end of a long queue.

      Legislation is unlikely to help. It would seem to protect gift card credit would require an external company or body to manage all gift cards. Or an insurance scheme, like that the government operates for banks, at a cost. The cost of protection would likely outweigh any benefit of using or gifting gift cards. But DS could have added extended warranty for your gift card purchase ;-)

      Easiest way - don't buy gift cards or use them asap. As is often warned here - gift cards can be a risky investment. The major attraction to Ozbargainers would be the discount or added credit offers. Just be strong ;-)

      Interesting to hear realistic suggestions.

      • JimmyF on 05/01/2016 - 23:20
        +1

        There is a thing called unsecured and secured creditors in business, gift cards are classed as unsecured.

        All the law needs to do it change to say giftcards to be secured creditors and the issue goes away.

        This means that gift card money is kept in a separate account until the giftcard is used.

        Really it should be this way from the start, we're turning cash that is valid everywhere and never expires in to something that is locked into one retail chain, and expires in 12 months! Its just crazy really.

        • INFIDEL on 05/01/2016 - 23:46
          +1

          That's what I meant by legislative change. But, I don't think turning the ideas of what is secured & unsecured on its head will guarantee any money to owners of gift cards in a business collapse. Separate accounts usually don't remain that way when funds are tight.

          The question is why hadn't that been used? Do other countries use that way?

          Businesses now use the funds raised selling gift cards as almost free credit. Restricting that is more likely to mean the demise of gift cards. No great loss though.

        • JimmyF on 06/01/2016 - 00:14
          +1

          @Infidel: secured creditor accounts must be kept that way. You can't 'borrow' the money for other users.

          https://en.wikipedia.org/wiki/Secured_creditor

          So even if they go under, the cash has to be there for them. So all these gift card users could go into store and buy up big, rather than be cut off at the knees today like they had been, while DSE pocketed all the money!

          Lodge a complain to the ACCC asking them to do something about giftcards. Its disgusting.

  • Flowerbomb on 05/01/2016 - 16:39
    +6

    Feeling sorry for those who didn't have enough time to offload their dse GC. I have $1 left on my $100. Thank god I panicked in early Dec and bought all my purchases then.

    • rodinthink on 06/01/2016 - 05:51
      +1

      Well and Luckily played

  • varunynr on 05/01/2016 - 16:48

    $ 467 down the drain :(

    • boonanza on 05/01/2016 - 16:53

      What did you buy?

      • varunynr on 05/01/2016 - 16:55

        Sorry I meant I had a gift card of that denomination. DS reimbursed that as warranty claim on a faulty DS LED Television. Wish I would have bought something.

        • blahman on 05/01/2016 - 17:30
          +1

          Hind sight, if faulty demand cash refund, which you have right to claim.

        • Flowerbomb on 06/01/2016 - 08:46

          Yeah blahman is spot on. Stores will always offer you a gift card first as the money stays in their hands. But according to the ACL, they are obligated to give you a refund should you insist.

  • supnigs super skids on 05/01/2016 - 17:00

    So when can we expect a super Big Bang sale again?

  • casebash on 05/01/2016 - 17:02
    +3

    I'm surprised that liquidators would announce that gift cards wouldn't be honored, along with undelivered orders. If there was any possibility of continuing trading, I imagine that this would greatly harm the value of the brand.

    • whodidthat on 05/01/2016 - 17:03
      +1

      Good point

    • Coops1 on 05/01/2016 - 17:04
      +1

      Happens everytime…… Angus and Robertson a few years ago….everybody cried foul then as well. Sometimes it's buy $100 and use gift card for another $100.

    • INFIDEL on 05/01/2016 - 17:09
      +2

      Standard practice during liquidation, according to ACCC.
      Gift card owners are unsecured creditors - at the back of a long queue.

      The risk has been discussed many times in gift card deals.

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