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

        • drogba on 06/01/2016 - 12:28

          just put it down as a lesson learned i guess i remember when i was in high school my phone only cost me $200 and i was very happpy with that it got the job done and i was able to have extra money to spend on stuff at the canteen i think if you focus less on what phone you have you will be able to focus more on your studies and hopefully get a good grade to make it through the next few years in high school and i think if you wait long enough the phone you want will soon become cheaper and then you can buy at a lower price.

    • PVA on 06/01/2016 - 10:24
      +1

      contact your insurance company and say the card doesn't work and you need some other replacement.

    • [Deactivated] on 06/01/2016 - 10:32
      +1

      A fool is easily parted with his money.

  • Lancerx on 06/01/2016 - 00:50
    +1

    I say good riddance..but if they got another same shit buyer, it's gonna be the same shit with different cover ..

  • Wallyt99 on 06/01/2016 - 00:50
    +1

    Kogan should by the stores. Close half of them and reinvent the remainder.

    • [Deactivated] on 06/01/2016 - 01:46
      +1

      No chance in hell that Kogan would buy bricks and mortar and fill it with grey imports (that he would then have to provide local warranty for) and the same private label type stuff that is part of the reason why Dick Smith has failed…

    • Japius on 06/01/2016 - 08:18

      You can't support a bricks and mortar store (outside of maybe a single 'here lets get rid of this crap' temporary store) with grey import and cheap house brand pricing. If he did that you'd have some no name Kogan TV selling for the same price as a Sony and no one would bother.

  • newsynthetic on 06/01/2016 - 01:05
    +1

    Can we claim it back from Woolies or Coles? It is the place we bought it from. Sure Dick Smith don't have any money, I'm pretty sure they are responsibly for such a falsely advertising these "gift cards".

    • maxdba on 06/01/2016 - 11:00

      I guess if you buy the card this week, you should have a strong point to argue with them to get the money back.

    • [Deactivated] on 06/01/2016 - 12:34
      +1

      WW and Coles don't allow refunds on gift cards.

  • bartbob12 on 06/01/2016 - 03:35

    The $50 $100 and normal DSE gift cards have been withdrawn from woolworths shelves. Another great sign.

    • oz-dave on 06/01/2016 - 03:58
      +10

      That's good to hear for any people still unaware of the situation - my mother actively stopped someone from buying gift-cards on Tuesday (yesterday) and then reported the situation to the Woolworths store manager who was completely unaware of the events unfolding. To the store manager's credit, he immediately removed all of the gift cards from the shelves and instructed staff not to sell them.

    • theone4Abargain83 on 06/01/2016 - 22:30
      +2

      If you have any of the DSE gift cards with the silhouette "womans head wearing the headphones" http://i.imgur.com/VEsRh6S.jpg this is a Woolworths Gift Card in disguise, in this case you haven't lost the value of the card as it can be used in Woolies stores, Big W and Masters and have separate T&C's for Woolworths.

      The gift cards specifically where the funds are now locked by DSE have a bar-code on the reverse with the magnetic stripe, they look like this https://www.dicksmithcorporategiftcard.com.au/App_Themes/Dic…

  • [Deactivated] on 06/01/2016 - 03:58
    +1

    The clown at the top of the pile said some weeks ago, there would be an announcement. So he knew this was coming and should be personally responsible for the gift cards being honoured with cash or goods that are sitting in the stores, considering the money to buy them went into their till.

  • porsche26c on 06/01/2016 - 05:47
    +2

    for gift cards that were purchased on CC, you can call your CC company and get a charge back asap. that will still work. good luck to all those that have one.

    • Flowerbomb on 06/01/2016 - 08:24

      Does this chargeback apply for debit cards?

      • newsynthetic on 06/01/2016 - 08:35

        I don't think so. Debit cards are basically your cash, so your pretty much out of luck.

        • Flowerbomb on 06/01/2016 - 08:37

          Good to know. Thanks.

        • markis10 on 06/01/2016 - 10:07
          +2

          Debit cards are treated by the banks the same as Credit Cards in general, the exception to this is any BPAY transactions. If you paid as if it's a credit card you should have chargeback rights.

      • ZeroSix on 06/01/2016 - 09:23

        I'm pretty sure if you either paywave'd the transaction or selected credit you may be able to ask for a chargeback?

      • alvian on 06/01/2016 - 09:34

        Check with your bank. Chargeback is available with my NAB Visa Debit card as long as the payment was processed by Visa (i.e. you chose the Credit account option or Paywave).

      • Lacerta on 06/01/2016 - 10:09
        +8

        Yes, you can use chargeback if you used a debit card.

        If you chose the "CREDIT" option at the checkout (or used PayWave), it does not matter if it was a debit card or a credit card. The transaction is protected by VISA or Mastercard.

        If you chose the EFTPOS or "SAVINGS" or "CHEQUE" option at the checkout, then you are out of luck.

      • [Deactivated] on 06/01/2016 - 11:55
        +1

        They key to answering this question is "was it a scheme transaction"? The three biggest 'schemes' in Australia are Visa, MasterCard and American Express. You can have a 'scheme debit' or 'scheme credit' card. As long as a scheme card was processed via the scheme (eg by using an ANZ Debit Visa with the 'credit' option on the merchant terminal), the transaction is eligible for chargeback. Note: BPay transactions are NOT covered.

      • [Deactivated] on 06/01/2016 - 12:35

        Yes, but only if it's a Visa DC or MasterCard DC and you pressed the CR option when purchasing.

    • imahapyboy on 06/01/2016 - 08:53

      how they gonna find out the value of the gift card?

  • [Deactivated] on 06/01/2016 - 07:33
    +1

    The Government should ban gift cards. They are nothing but trouble.

    • Flowerbomb on 06/01/2016 - 08:25
      +1

      Gift cards are not the problem. It's management and directors of these poorly run companies.

    • RojoMojo on 06/01/2016 - 08:43
      +2

      Yeah, i am with you on those thoughts.
      Perhaps not ban them, but they need to look into tougher regulations around the supplying of them.
      Of course in this situation, its completely outside what ever guidelines would be set up.

      Then again, i also blame people whom buy Gift Cards, seriously, is that the biggest cop out for i couldn't think what to get you, so here is a GiftCard.
      For crying out loud, just hand them the cash, and let them buy what they want from where every they want, not to be tired down to one store.

      DickSmith obviously have little to no intention of trading in the future if this is how its going to be.
      Taking money from the Business is one thing
      Taking money from the Customer is something else!

    • [Deactivated] on 06/01/2016 - 12:36
      +1

      The Government should ban cigarettes too because they're a lot of trouble, but, like gift cards, I don't see the Government banning them.

    • mooboy on 06/01/2016 - 14:59
      -1

      Rather than ban, could legislate to have better protections.

      Essentially, from my understanding, a gift card works like an unsecured loan from the seller to the customer. The government should instead make it fully secured - all monies for gift cards have to be held in bank accounts until redeemed/expired.

      The seller still gets benefit - they get the interest and a commitment to buy down the road plus any expired cards become their free cash (I'd really be interested how much retail earns from expired gift cards. In fact, legislation should also prevent cards from expiring or have at least a 7 year minimum!*)

      The buyer then gets to have more confidence in their gift cards not becoming valueless - and people who are lazy to search for a gift, but don't want to give cash - can continue being lazy without worry.

      *Yes, I got burnt once by losing a gift card, only to find it shortly after expiry.

    • inherentchoice on 07/01/2016 - 15:29

      Then how will OzBargainers get discounted groceries and fuel?

  • Probspot on 06/01/2016 - 07:50
    +2

    During the December sale, many DSE products were not on sale. At best they were 20% off which is any ordinary sale at JB Hifi.

    Given the state of DSE now, they're probably going to get little cash for the inventory left. Wonder why they opted not to flog off their inventory at better prices.

    The December sale was full of items that had a good reason to be sold at next to nothing - they were almost junk inventory (except the cameras). I wanted to buy a laptop and a TV but they wouldn't budge on price and indeed the asking price wasn't as good as the competition.

    I have sympathy for gift card owners and zero for DSE for pushing gift cards knowing full well it was all over.

  • [Deactivated] on 06/01/2016 - 08:23
    +1

    The Dick is dead. Long live the Dick.

    • supnigs super skids on 06/01/2016 - 10:41
      +7

      Everyone use to complain about their daily sales! Not me. It was great.

      A few months from now you will all be craving dick

  • AlisonP on 06/01/2016 - 08:34
    +10

    A company run by tards. It's been taken off since yesterday, but even with their last-ditch-ever sale they couldn't quite do the math.

    $10 off $49+ (20% off), $30 off $149+ (20% off), $60 off $499+ (12% off) and $100 off $999+ (10% off).

    What's the Dick Smith motto?

    The more you spend, the less you save!

    • Roary on 06/01/2016 - 17:02
      +1

      No you dont get it..

      You spend $50 you save $10
      You spend $500 you save $60

      You are saving more!!!!!
      Sure your % of saving is less, just like their % markup on expensive items is less..

      • maxdba on 06/01/2016 - 20:19

        Mathematically, I think both of you are correct.

    • T1OOO on 07/01/2016 - 16:25

      the more you spend you are saying you want a bigger % saving too, not just bigger whole saving.

      but 10 things that cost $100 you save $200
      but 1 think that costs $1000 you save only $100

      there is more margin on smaller items, bigger have less……

  • neonlight on 06/01/2016 - 08:54
    +2

    heh, I still have a sealed DSE Electronics Kit and some guides from high school. They can be antique soon

    • ca6leguy on 06/01/2016 - 09:51

      You could sell it for a profit. But can the buyer still claim warranty? ;P

    • [Deactivated] on 06/01/2016 - 10:24
      +10

      DSE Funway by chance? I remember those VERY well!

      I'll offer you $500 in Dick Smith gift cards for them. ;-)

      • neonlight on 06/01/2016 - 10:39

        Funway that's right haha. Orange guides with Dicksmith young logo on them lol.

        $500 Gift card oh damn you can't use them any more.

    • puffinfresh on 06/01/2016 - 18:06

      Those were the days. I loved those kits!

  • hisfrugalness on 06/01/2016 - 09:05
    +7

    Dick Smith is the Greatest Private Equity Heist of All Time

    https://foragerfunds.com/bristlemouth/dick-smith-is-the-grea…

    and the discussion on HackerNews:
    https://news.ycombinator.com/item?id=10842021

  • Stevecro on 06/01/2016 - 09:44
    +18

    I have never encountered a rude Dick Smith staff member, and I have been to at least 20 different stores in my lifetime. In fact, I rarely come across a rude staff member in any retail environment. I always approach staff very nicely with respect and allow them time to help me. I don't know what some people are doing wrong in encountering all these 'rude' staff members in any retail store. I find that when I am really nice and respectful, most staff bend over backwards to help me. I guess some customers have no people skills whatsoever.

    • ShamelessBargains on 06/01/2016 - 10:09
      +3

      Yeah me too. They are always very friendly and helpful. It must be awful going into work and not knowing if you will have a job next week. Your point is exactly right, if you treat someone how you would like to be treated they will usually be nice in return :)

    • theguyrules on 06/01/2016 - 10:18
      +6

      Spot on. I also can't remember any rude staff memebers in retail.
      I'm very much of the belief that customers who encounter these rude staff are likely quite rude themselves, or expect the staff to be able to do something they cannot, then get aggravated.

      • jkcat on 06/01/2016 - 10:47

        Yeah must admit it is rare, but there was one occasion this checkout lady in her 50s slam dunked everything into bags because a unsteady coke bottle on the conveyor fell on her hand.

    • neonlight on 06/01/2016 - 10:41
      +6

      To be honest, I've encountered JB Hifi staff who are more rough than DSE. I think its cause of their hipster culture, staying "cool" all the time.

    • Qmar on 06/01/2016 - 11:47
      +1

      Definitely retail staff have been well mannered to me. If I were to blame anything on anyone, it would be how poorly the company was run and it would be the board, executives and high level managers. If the company goes into liquidation, these fat cats will still get paid. Get paid for doing a poor job. Does not make sense to me. So if you are unhappy about your gift cards not being honoured, please don't take it out on the retail staff.

    • Flowerbomb on 06/01/2016 - 13:36

      I'm one of those that have met rude staff members. I am always polite,give eye contact, always have a smile on my face and patient. I do not have unreasonable demands or get aggravated easily.

      The worse service I have encountered was in the Broadway store. When I clicked and collected at the Broadway store, the guy sales assistant acted so disinterested like he has the worse job in the world. And really, he puts his frustration on perhaps his life out on the customer. Harvey Norman in the same building was no better.

      That being said, I have met a great dse sales assistant in Adelaide tea tree plaza. He was new at the job.

  • mini_wombat on 06/01/2016 - 10:40
    +22

    My opinion: Don't complain about Dick Smith. The problem here are these people: http://www.anchoragecapital.com.au/team/

    They purchased DS for 94 million in 2012 and floated it for 520 million on the stock exchange in 2013. 2 years later DS is out of money.
    I am not an expert in financing but looks like these guys (Anchorage Capital Partners) took out a fair bit of money. They only kept 20% of the shares and the rest was sold and floated … highly overvalued. When you think the money went to Dick Smith … no … it went to Anchorage Capital Partners. So no wonder DS had no chance.

    Want to write negative reviews … are you angry that your Giftvouchers are not redeemed anymore. Blame Anchorage Capital Partners. There is not one negative review on their google business page … NOT ONE! Shame on these guys. Write a review here

    I hope they don't do the same thing with their latest investment "Affinity Education Group" a child care centre.

    • brichman on 06/01/2016 - 12:12
      +3

      I cannot agree more with this, period. (Former employee)

    • maxdba on 06/01/2016 - 12:16

      That's the game between big companies not for innocent consumers. If the money we gave to Dick smith stolen by thief. We blame dick smith for not taking good care of our money.

    • neonlight on 06/01/2016 - 12:49
      +2

      Funny, they are apparently doing everything the legal way. Make the books looking great

    • Wizs on 06/01/2016 - 16:01

      I dont think this is true. If you are the seller, it is 100% reasonable for wanting it for a high price. The real problem lies in whether you have lied to get that high price. Anchorage Capital Partners is the seller, however the IPO advisors are not. What lured investors into the trap? The Prospectus, prepared by Golden Sachs and Macquarie Banks.

      • mini_wombat on 06/01/2016 - 17:00

        Of course you are also correct … the prospectus and the valuation of the company might not have been correct. But it doesn't really matter … in some way they all will work together. It's all about money … and what we do here at Ozbargain is not the "big" money! We don't put jobs in danger or ruin the financials of families who buy shares or bought maybe gift vouchers for school laptops at christmas time.

    • artfuldodger on 06/01/2016 - 16:02

      But then doesn't the buck stop with governments that actually set the regulatory framework that oversees our business/investment environment? Where is the government to protect the interests of its shareholders and consumers?

      • Baysew on 06/01/2016 - 16:21

        Where is the government to protect the interests of its shareholders and consumers?

        North Korea ?

        • artfuldodger on 06/01/2016 - 16:50

          You seem to be equating government consumer/investor protections with communist dictatorship. lol.

    • baggyred on 06/01/2016 - 16:05

      So if you bought something for $100 and someone wanted to buy it off you for $500 - you are at fault for selling it?

      They don't prey on the retiree in a village, the vast amount of that stock would have been bought by corporate fund managers who should know better.

      In addition - the stock price doesn't impact the business, the debt funding perhaps - but not the stock price (until consumer sentiment takes a run)

      If you are good enough to buy an undervalued asset and sell it for a overvalued price - good luck to you. It isn't much different to buying a "renovators" dream and tarting it up with a lick of paint and making a large profit. Just the scale is different.

      • mini_wombat on 06/01/2016 - 16:47
        +5

        Maybe Broden went to Anchorage Capital Partners. ;-) And does his profits it now a different way.

        Joke aside … I would say there is more to it. It's called "Ethics" … which is lacking in most companies and financial institutions. When I read the articles like this you might understand: https://foragerfunds.com/bristlemouth/dick-smith-is-the-grea…

        Why Dick Smith was purchased for only 10million and sold for over 500million

        When this is true (read article at link above) they paid only 10m and took the rest from the balance sheets (taking money out of Dick Smith). This is not making sure that a company can survive. It's always interesting that no one picks up on these things. Mainstream media is silent and government regulation fails. They are all in the same boat.

        Ethical Investments

        Good on somebody who buys something undervalued and sells it on higher … still does this create any value for the society? And who valued the company and bought these shares? It's A little bit more complicated then buying something at a low price and selling at a higher. It's about jobs, customers, suppliers … so it needs to be regulated (which clearly not work here).
        Of course it's also the management at DS which completely failed … esp. when you read that 65inch 4K branded TVs were sold under $1000.
        Ethics are missing in these investments

        Rethink Capitalism

        A wonderful TED talk to capitalism in this way what we see it demonstrated byAnchorage Capital Partners is here: http://www.ted.com/talks/paul_tudor_jones_ii_why_we_need_to_…

        It's still sad to see that they can take Child Care Centres as "Investments" (they should be run as non profit … and I hope they don't pull a "Dick Smith" here).

        • baggyred on 06/01/2016 - 18:38
          +1

          So who bought the stock?

          Did they prey on the weak or needy? Or did they sell it to corporate fund managers?

          If they bought a company and stripped out assets and subsequently put a $10m asset on the market for $500m… you seem to want to blame the seller, not the buyer.

          They haven't forced this upon the taxpayer - they presented this to fund managers.

          IF they have fraudulently tarted up the balance sheet - then they should go to Gaol. If all they have done is make it look it's best - then it is a buyer beware market, particularly when those buyers are supposedly professionals.

          Still.. it's an anti mouth foaming opinion, so I'm sure I'll cop my second ever negative.

          I feel for the staff and creditors, but that is a management issue (which may be anchorage driven regardless given their significant holding).

        • mini_wombat on 06/01/2016 - 20:07

          @baggyred:

          You are absolutely right. There were enough dumb people buying the shares. (But who knows how much they paid to get the right prospectus. Impossible to find out.) 10m to 500m —> Not one valuer with a clear mind would not see this -> So I assume it was fraudulent to some extend.

          From a legal sense they might have done everything right but from an ethical perspective they failed fully (personal opinion). I blame the seller … as you just don't do this when you think about the society and creating value in companies … not just money on a balance sheet and your own profit.

          I have not enough insight to really judge it. But I think a bit of a different opinion in this case is good - as usually nobody blames these guys which are behind the scenes.

        • baggyred on 06/01/2016 - 20:23
          +2

          @mini_wombat:

          You don't know enough behind the scenes to judge it, but happy to say "Blame Anchorage"… therein lies the problem. It is the good ole "blame the big boys" huff and puff.

          If they have been fraudulent - sure go after them. However simply asserting that someone has

          a) bought something undervalued
          b) sold something overvalued
          c) both

          that they are therefore ethically corrupt is crap. We live in a capitalist world. Hell this website is aimed at buying undervalued goods. Should someone come across a deal on here - buy a shit load and onsell them at a profit - are they ethically corrupt as well?

          Anchorage may be - I don't know. But I'm not laying blame one way or another without any actual… you know.. proof

          Proof other than they made a shit load of money… because that isn't exactly unethical either.

          But hey "down with the big boys, stick it to the man" and neg me again :)

        • WhatWouldBiggieDo on 06/01/2016 - 20:44

          @baggyred: You talk a lot of sense but it is likely to fall on deaf ears in this forum.

        • mini_wombat on 06/01/2016 - 21:25
          +4

          @baggyred:

          Rethink Capitalism

          As you say "we live in a capitalist world." This is not necessarily a good thing … the rich become richer and the poor become poorer. It does not work forever. http://www.ted.com/talks/paul_tudor_jones_ii_why_we_need_to_… I am all for capitalism but in a more ethical way than we have it now.

          Why Ozbargain has great ethics

          "Hell this website is aimed at buying undervalued goods." —> Absolutely correct. But even at Ozbargain there are lots of ethics and you will get negged when you break them (that is the only punishment here ;-) - So yes absolutely —> "the person who buys a shitload and onsells with a profit" is ethically corrupt -> see examples as Broden (https://www.ozbargain.com.au/wiki/broden ) - buying everything up not leaving something for others. Bragging that you have a great price without sharing. So this website is a good thing —> it helps lots of people to save money! Wow !

          We have more ethics here: Helping others with advice and warning them of bad purchases. Or doing good things: (I for example bought 2x2$ cars (worth around $40 as christmas presents which I wanted to donate to people who can't afford a present (see my comment here: https://www.ozbargain.com.au/node/223363 ) … ah well it did't get delivered by DS and I lost the staggering amount of 4$. But using our knowledge of finding deals for other people. Not for my own pocket and selling on eBay.).

          These are the ethics which I miss at a lot of companies - such as Anchorage partners after reading this article: https://foragerfunds.com/bristlemouth/dick-smith-is-the-grea…

          It's not like they just bought $5 Envelops and sold them on eBay for $30 (in their case they would need to sell them for $250 to get to the same profit margin on their 5$ investment (!!!). you see with this example how ridiculous and wrong this valuation must have been. It's just impossible without any dirty tricks. The higher you get in the hierarchy the easier you forget these basic things and all what counts is $$$.

          It's nothing to do with big boys or the small man —> the Ethics should be the same.

          You are right that blaming Anchorage is not that obvious and I might be not correct. Sorry. It's a personal opinion and not based on facts. So yes … it might be absolutely wrong. They might have used all that money to do good things. But I doubt it. And I also doubt that this valuation was done correct. My point is also that it doesn't need to be illegal to be ethically not acceptable. Laws are not perfect and change over time to close the loopholes. There are lots of things allowed which are fully legal but not great for our society and still can be fraud.

          Legal does not mean it's not fraud:

          Fraud:[count noun] a person or thing intended to deceive others, typically by unjustifiably claiming or being credited with accomplishments or qualities.
          (The definition does not say it needs to be illegal).

          Mismanagement

          I see where you are coming from … and yes it makes sense. And yes that is the world we are living in. Do I need to accept it : No … I believe there is a better way of doing business.
          Of course the main reason that they went under is mismanagement. Their discounting strategies. pricing and product selection was just not what the market wanted. So maybe even when they would have kept all the money they achieved at the float it might have just been a matter of time.

        • juzz0 on 06/01/2016 - 23:20
          +4

          @mini_wombat: Upped for the section "Why Ozbargain has great ethics" as you said wombat if baggyred bragged on here about buying up hundreds of product (then reselling on Gumtree or Ebay) he/she would not be applauded he/she would be banished (comment downvoted) and heavily stigmatised. Why? Because we are a community and we know that if one person hogs all the products others won't be able to share in the deals. It is about ethics! Most wouldn't hold it against you if you bought three or four of something and there was still more than a few left but buying up everything then selling for profit is against the values of OzBargain.

          In the Dick Smith situation it seems the private equity group during the buy out leveraged the assets on the balance sheet to pretty much make the company eat it's own value. Selling off inventory and stripping Dick Smith of inherent value to tart it up for the float. I don't really understand where all the funds raised from the float went; there was huge mismanagement but one thing seems clear - the private equity group cannibalised the company with little regard for investors, employees, customers etc. It does seem to all come down to greed and a lack of ethics. Now it is in the hands of receivers and after their fees and the banks take there will be precious little coming out by the looks of things. Really saddening.

    • Rock00019 on 19/01/2016 - 12:46

      I just put one review to take out my frustration.
      Thanks

  • cola2002 on 06/01/2016 - 10:43

    Pages and pages of comments.. hopefully someone will be able to answer this..

    I purchased an Apple product on David Jones Online yesterday morning, (so I assume this is already after receivership kicked in)
    I called DJ yesterday to check whether if the Dicksmith saga will affect my order, they had no idea as they weren't able to get a response from Dicksmith themselves. They offered refund, but I said I'd prefer to see if they can fulfill the order first. (Because I paid with DJ gift cards that I got with AMEX deal)

    So what do you guys think of my chances of receiving my item?

    • tianyujojo on 06/01/2016 - 11:27
      +7

      I think zero.

    • JimB on 06/01/2016 - 11:28
      +1

      I think you have a good chance if you are patient, but it may take a while as DJ will need to arrange a partnership with another electronic retailer or start selling the products themselves.

    • cola2002 on 06/01/2016 - 11:48

      Thanks, I will wait and see if DJ contacts me re refund.
      At least I won't be out of pocket at the end of the day..

    • PVA on 06/01/2016 - 18:07
      +2

      get the refund.

  • banzini on 06/01/2016 - 10:52
    +7

    Bunch of absolute incompetent fools
    the lot of them

    my 5700 shares can rot in hell with the ceo/board of this tripe company

    • JimB on 06/01/2016 - 11:23
      +4

      They were a pretty poor investment as it was a store without a niche/difference.

      Sorry to hear that you owned shares in them, do you mind me asking when you purchased the shares/what price?

      • banzini on 06/01/2016 - 12:18
        +1

        .72 when they dipped a few times

        Yes, a poor investment indeed.

        Thought solid online growth which was reported and shoppers turning around to spending AUD instead of USD would help.
        More research was required.

        • RojoMojo on 06/01/2016 - 12:31
          +7

          Well, its hard to research, when you were being told lies mate.
          Not the first and wont be the last.
          I got stooged $50k from a Company and Stock Broker that told lies.

          That was my lesson learnt, never ever again.

        • pilotg2 on 06/01/2016 - 12:50
          +2

          We have all been there in one way or another so i feel your pain. The best investment advice i was given - if a company misses it's forecasts repeatedly (if you hang on that long) sell up and put the funds into a company that is exceeding or at least meeting profits. It generally does not pay to hang around, especially on one like this where there are other signs…

    • CharityCase on 06/01/2016 - 13:30

      I'm on the same boat mate… I was dumb enough not to see its a value trap when it dropped to 0.78, hard earned money gone, lesson learnt in a hard way….

      • banzini on 06/01/2016 - 13:32
        +1

        Wait for the letter from Ferrier, claim it back as a capital loss to off set future capital gains.
        Sucks but we can't do much about it.
        Need to know a lot more before handing over the $

  • locutus_of_bris on 06/01/2016 - 11:42
    +2

    "IF" I was a staff member, this letter from the receivers would not help my confidence levels.

    http://www.ferrierhodgson.com/au/~/media/Ferrier/Files/Docum…

    • leon k on 06/01/2016 - 11:46
      +1

      If you follow that to the letter then they now need written authorisation for every purchase made by a customer.

      • [Deactivated] on 06/01/2016 - 12:00

        It's a standard form Administrators' notice. Technically, even switching on the lights (and incurring additional electricity usage charge liability) is a no-no. :-)

    • IHateFrasierCrane on 06/01/2016 - 18:45

      Very standard administrators letter. Got one 3 months ago when it happened to me.

  • Associatedeneloop @ Dick Smith / Kogan on 06/01/2016 - 11:59

    Where will I get my daily dick fix from now?

    • [Deactivated] on 06/01/2016 - 12:01
      +33

      You'll be fine. JV is still commenting on every thread. ;-)

      • malouphix on 06/01/2016 - 13:00

        Haha

        • juzz0 on 06/01/2016 - 23:32

          I don't understand why the bricks and mortar stores have such heavy difference in pricing (when scanned in) to online. I went down to my local DS today to purchase this http://www.dicksmith.com.au/batteries/eneloop-aa-chocolat-8p… but it scanned at $54.95. Some glitter rainbow themed batteries (DS branded) were also there and were scanning at $14.95 (when they were $2 to clear last month). Not much to entice customers :P

        • ca6leguy on 07/01/2016 - 07:25

          @juzz0: there is a online deal to encourage you to buy online.

        • malouphix on 07/01/2016 - 10:19

          @juzz0: Online sales and in store are different departments/cost centres.

      • Da dpG on 09/01/2016 - 00:05

        I wish I could give you a gold like reddit

        • [Deactivated] on 09/01/2016 - 06:59

          Guffawtle! ;-)

  • netsurfer on 06/01/2016 - 12:22
    +1

    I hope DSE can turn it around. DSE staff are nice and friendly and their online store, although may not have accurate stock level information, is generally quite good. DSE is one of the few stores which would try to honor pricing errors (unlike HVN).

    More competition is good for consumers.

    • [Deactivated] on 06/01/2016 - 12:27
      +3

      DSE staff are nice and friendly

      Right…

      • imahapyboy on 06/01/2016 - 16:25
        -1

        yeah right, in your dream

  • GreatWhiteHunter on 06/01/2016 - 12:31
    +1

    Please stop spreading bulldust misinformation that extended warranties are provided by a third party not linked to Dick Smith and that they will be OK even if Dick Smith folds.

    For items under $2000 at least that is complete bollocks.

    Read the terms and conditions

    http://media1.dicksmith.com.au/get.php/media/wysiwyg/content…

    In particular note:

    Dick Smith Extended Warranty is issued by: Dick Smith
    Electronics Pty Limited (trading as Dick Smith Electronics
    or Tandy), 2 Davidson Street, Chullora NSW 2190
    Tel: 1300 366 644

    That means the extended warranty is not worth the paper it is printed on

    • too_much_boost on 06/01/2016 - 12:42

      Lol glad i didn't accept the extended warranty the DS guy tried to push on me for the ipad mini i bought last week!

      • [Deactivated] on 06/01/2016 - 13:03
        +3

        never buy extended warranty for ANYTHING, its all bullcrap. We have laws that cover you for this period anyway.

Login or Join to leave a comment
Login Join