Surfstitch has lost a lot of it's value of late:
http://www.smh.com.au/business/retail/surfstitch-wipeout-how…
I would be wary of buying any gift cards or making large online purchases. They have been pretty good in the past to me on prices and decent quality, but we have seen what happens to gift cards when companies aren't doing so well….
Dick smirth, Good guys, Masters, and surftitch now? what will come next?
Myer? Target? There are a lot of big brands struggling with their size in the rapidly changing retail landscape.
The Good Guys doesn't belong on that list though.
Watch for Targets to start becoming Kmarts. (Kmart owns them now)
What? Both stores are owned by Westfarmers.
With the dollar losing value any of them that rely on flipping cheap imports. Wait….that's most of them.
There is going to be a seriously big rescue mission if SurfStitch is going to avoid a wipeout. They raised a metric ton of money and splashed it all buying a massive amount of other companies. And that's about the time I'd say the ex-CEO realised that there's a reason most companies don't go on buying binges like this.
The board obviously caught up with this too late, asked Cameron to "cool it" and he decided to leg it instead because he didn't like getting schooled by these uncool dudes. So he's gone, he's left a great big mess and it's going to take some very careful navigation to get out of this - especially now investors are really bitten and shy now.
I definitely wouldn't be buying any giftcards from them, and I'd be really, really careful about sinking any big money into purchases there either.
In light of this…
Anybody looking to sell their gift cards?
Potential buyer here for $100 GC lol.
Please not Surfstitch. I am a loyal customer and it's a one stop to buy surf clothing.
Maybe they're doing a Dick Smith lol.
This is referring to the former CEO.