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 06/01/2016 - 12:59
      +1

      Yes, I have read the Ts&Cs. DSE was the issuer of The Warranty Group Australasia (TWGA) Pty Ltd extended warranties. Most extended warranty administrators are processors/middle-men only. Thankfully, TWGA is a little different in that they own the two insurance companies (Virginia Surety Company and London General Insurance) which underwrite all of the policies they administer.

      You were saying?

  • Thenarrator on 06/01/2016 - 12:45
    -4

    some say this would be the perfect time to buy dick shares as its cheap.. companies normally do this to lower share price unnecessarily and buy then sky rocket them to get a gain later..

    • GreatWhiteHunter on 06/01/2016 - 12:46
      +2

      Lol except they are in a trading halt so you cannot buy or sell - and they'll most likely be de-listed before that is removed…

      • ggkfc on 06/01/2016 - 12:48

        not much movement when its around 0

  • llllllllllllll on 06/01/2016 - 12:46

    http://i.imgur.com/i6ZXX0C.png (getting from http://www.ferrierhodgson.com/au/~/media/Ferrier/Files/Docum…)

    Does this mean all leaves and wage that are not being paid for DS employee before yesterday might be lost forever?

    • nedski on 06/01/2016 - 13:03
      +2

      I would be very hesitant to keep working for them if I am not getting paid prior to the receivers being called in.

    • tissue on 06/01/2016 - 13:06
      +2

      Yes.

      Think of the pre and post announcement as being two separate companies. The second company is trying to do whatever it can to pay off debts, etc. of the first. Unfortunately employee wages are a form of debt/encumbrance, so usually anything owed between the last payslip and the announcement of voluntary administration wont be paid as normal.

      Employee entitlements (owed wages, redundancy pay, superannuation, annual & long service leave, etc) come second in the pecking order after the fees of the administrators. Note that the federal government under the FEG (Fair Entitlements Guarantee) system covers most of these, except super.

      Under the old GEERS system, your entitlements were capped at $75k - not sure what the case is with the new system (FEG).

      EDIT: Should say, my father was involved in a company that was wound up. It took him a total of 3 years to get back everything - he was over the $75k cap, so got a large chunk early on through GEERS, but took 3 years to get the remainder as an employee entitlement.

    • Olokun on 06/01/2016 - 13:06

      Edit. See above answer.

    • malouphix on 06/01/2016 - 13:07

      GEERS will eventually fulfill the employee entitlements, but it may take some months…

      https://www.employment.gov.au/general-employee-entitlements-…

  • neonlight on 06/01/2016 - 12:46

    Anchorage sounds like they are the biggest crook/con artists out there. Finding loopholes take advantage of businesses about to collapse and make the books looking great, then sell sell sell. Biggest entity is themselves.

    They must be laughing right now. Their scheme worked and this is a known, just another company on their list being used

    • ggkfc on 06/01/2016 - 12:48
      +2

      now if only you can buy anchorage shares..

    • malouphix on 06/01/2016 - 14:08

      Yeah they are smart-arses who made off with 500 odd million?

    • abc on 06/01/2016 - 14:35
      +4

      Maybe too smart this time. There could be legal action against Anchorage. Not to mention they may never be able to pull off an IPO again given their now infamous reputation.

      • xsacha on 06/01/2016 - 16:56
        +3

        There is nothing stopping them from trading as a different name or the directors starting a new company.

        • malouphix on 07/01/2016 - 10:20

          Alan Bond anyone?

    • defined on 06/01/2016 - 16:36

      @abc - was thinking the same thing too. From now on any IPO marketed/underwritten by Anchorage would be associated with Dick Smith unless the investing public has a short-term memory.

    • [Deactivated] on 06/01/2016 - 20:19
      +1

      Gotta love the blame placed on Anchorage. The reality is people are either stupid or have more money than sense. Woolworths would have never offloaded Dick Smith Electronics in the first place if it was valuable to them.

      If you want investor security you would buy Telstra, Australian banks and Woolworths/Wesfarmers.

      Dick Smith has been a dog for years. It has gone from a serious electronics store to generic retailer. The brand is worth nothing now and will join the likes of Brashs for those who enjoy nostalgia.

      Poor management is to blame as good management would have rapidly closed all under performing stores and would have never had the suicidal December sale.

  • ro0sta on 06/01/2016 - 13:01
    +2

    Knowing them, their next clearance sale will be on crazy johns prepaid handsets, Telstra 3G modems and Iphone 4s…oh…didn't they tell you? It's LEFTOVER clearance stock only, where 1 on every 10 stores MAY have 1-2 left…and they'll be out back. Also, the cashiers won't know about it, nor will any stores properly advertise.

    HowDickDoesThings

    Rest of their useful worthwhile stock to some sort of auction? They had no interest in clearing useful stock in their last "big sales" - only store reps and scalpers who buy 10 of the same thing to keep 1 (who I'd shoot if I had a gun)… otherwise ALL their big brand stuff would be gone by now.

    They are so friggen useless.

    • [Deactivated] on 06/01/2016 - 13:04
      +1

      They are definitely Dicks

    • GreatWhiteHunter on 06/01/2016 - 13:27

      Based on their web site they have plenty of big brand items in stock and some at great prices.

      If you are willing to take the risk on whether they ever get delivered or not there are serious bargains to be had - I'd suggest paying with PayPal and/or credit cards…

      • [Deactivated] on 06/01/2016 - 20:22

        You would have to be a complete loon to buy anything from the DSE website. The only terms I would buy something off their site would be cash on delivery or cash on collection. Since DSE offer neither I wouldn't touch them with somebody elses credit card details.

  • rompastompa on 06/01/2016 - 13:50
    +4

    They're still listing employment careers, if anyone is interested. You could probably ask for any amount of money..

    Though, they may need to change their sales pitch..

    We are one of the fastest growing retailers with a focus on the future and global trends. With over 380 stores (and counting!) across Australia and New Zealand we’re also the largest by store footprint, don’t forget our rapidly growing online presence. When you join Dick Smith you will be joining our family of brands spanning Dick Smith Electronics, Electronics powered by Dick Smith in selected David Jones locations, our fashion forward MOVE stores and Move by Dick Smith at the Sydney International Airport! Our retail sales put us in the top three with revenue in excess of $1.2 billion in FY2014.

  • [Deactivated] on 06/01/2016 - 14:04

    without going through 9 pages of comments

    what will happen with their stock?

    will they have another sale to get rid of everything with crazy prices?

    • xsacha on 06/01/2016 - 16:58

      Their stock is next to worthless. Shareholders will get paid after the banks get paid. There is a queue.

      • feisca on 08/01/2016 - 08:20

        I think @tith was referring to store stock, rather than sharemarket stock.

    • IHateFrasierCrane on 06/01/2016 - 18:48

      If the company is not sold and goes into liquidation, then yes.

  • JayM on 06/01/2016 - 14:08
    +1

    Walked into DSE today and there was a guy bringing his laptop back. He said that it doesn't turn on.

    Here I was thinking 'uh oh, they're not going to do anything' and the lady said he couldn't have a warranty replacement due to the situation with the company. The manager came out and suspected a battery problem so started walking around the store and out the back looking for a replacement I guess. Then I walked out. Hope they fixed his laptop as that's one expensive issue if they don't do anything.

    • malouphix on 06/01/2016 - 14:10
      +1

      I hope it's just a flat battery.

      • hollykryten on 06/01/2016 - 14:20
        +4

        lol. The manuals always say to charge the battery before first use. It's possible this person didn't read the manual and tried powering on off a flat battery.

      • JimB on 06/01/2016 - 14:23
        +7

        Just return it to the manufacturer for repair.

        It's not like the manufacturer warranty will cease just because the retailer closed.

    • imcold on 07/01/2016 - 21:03

      generally if its fixable without a screwdriver all it needs is a bios reset.

  • konazz on 06/01/2016 - 16:15
    +8

    I think its pretty shitty, how quickly after xmas they did this.

    Knowing they'd have a bounce in cash balance from gift cards and general instore/online purchases not yet picked/delivered. The administators get it all!!!

    I'd honestly be questioning whether a class action against the directors should be appropriate - they went into xmas knowing they were struggling and to pull this stunt off only a couple trading days after xmas is a joke, yet made no statements to the ASX or customers duped into buying gift cards at the busiest time of the year.

    Also, its interesting, that from a tax point of view, the gift cards are regarded as cash equivalents and therefore don't need to pay GST on them until a sale is made! Ditto for income tax aswell, as its not treated as income until redeemed. Not that there will be anything left, as another US company takes the mickey out of the Australian community.

    • JayM on 06/01/2016 - 16:32
      +1

      The lengths to which greed reaches, plumb no depths.

      http://www.smh.com.au/business/dick-smith-accused-of-pumping…

      The ABC call them 'unsecured creditor cards'.

      • konazz on 06/01/2016 - 16:41
        +5

        There you go:

        "Forager Funds Management chief investment officer Steve Johnson told ABC Radio on Wednesday that putting the company into receivership just after Christmas could have been a strategic move by the banks.

        "It's almost impossible for a retailer to not have any money after Christmas," he said.

        "My guess is that the banks have seen that cash in the bank and gone, 'Well if we put it into receivership now, then that cash and that gift card money, before people go and spend it, is going to be ours to grab, rather than the suppliers getting paid first'."

        Read more: http://www.smh.com.au/business/dick-smith-accused-of-pumping…
        Follow us: @smh on Twitter | sydneymorningherald on Facebook"

        ^ From the article. Absolute BS from the big banks!

    • [Deactivated] on 06/01/2016 - 20:28
      -8

      There is no difference between company directors and politicians.

      $1.1 Billion lost by the Victorian Labor Party (Daniel Andrews) for not proceeding with East West Link.

      Their view… Who cares… IT is other people's money!

  • jtc13 on 06/01/2016 - 16:25
    +5

    Hi All,

    Not sure if this has been said already and don't have time to go back through the whole thread but if you have gift cards that were purchased on a credit card and they will not honour them you have chargeback rights against Dick Smiths merchant bank. Raise a "goods or services not received" dispute with your credit card issuer who will handle this on your behalf.

    They will dispute with whichever bank managed Dick Smith credit card transactions and if Dick Smith cannot fund the chargeback their bank will have to as they provided a credit facility for Dick Smith.

    This should work for purchases on credit cards as well.

    Good Luck all.

    • lightsets on 06/01/2016 - 18:47

      saw severals threads,wondering it works cos i purchased GC cards last June trough coles paid by Visa credit card, coles anounced that they are not responsilbe at all and kick u back to dick, will VISA be going to help?

    • CandyMan on 06/01/2016 - 17:56
      +17

      Others will have to get through nine pages to read and answer your question

  • umoddbro on 06/01/2016 - 16:43

    I've got my eyes on them eneloops

    • ro0sta on 06/01/2016 - 17:09

      Thank christ i used the $50 giftcard from last year recently…unhappy i had to pay $55 for 10pk of Eneloop rechargables. Top quality, but stupid price…good stuff never on sale when you want it to be, or need it to be. At least no gift card dilemmas for me like other others will have to experience.

  • DntRgu on 06/01/2016 - 17:17

    Did a quick search and couldn't see any mention of it yet…

    Prezzee (https://prezzee.com) has offered to exchange DICKless's Gift Cards for other retailers.
    Download the app - PREZZEE.

    Good Luck to everyone, crap situation and I feel for those affected.

    Get onto it quick.

  • easternculture on 06/01/2016 - 17:34

    SO sad. No more dick

  • nismo on 06/01/2016 - 17:47
    +12

    facepalm :(

    Just got a despatch notification, DS have sent out a Gift Card, as a refund to a recent online order..

    • CandyMan on 06/01/2016 - 17:58
      +4

      Decline it and dispute it with fair trading if necessary.

    • nahi11 on 06/01/2016 - 18:13
      +10

      lol wow. Thats pretty low of them

    • INFIDEL on 06/01/2016 - 18:24
      +1

      Interesting… This should be a credit issued by the current administrator / receivers. As such it should be their debt, rather than the previous management.
      But the effect is probably the same - get to the back of the queue as an unsecured creditor of the new administration.

    • WannabeHermit on 06/01/2016 - 18:25

      Did you pay with a gift card?

      • INFIDEL on 06/01/2016 - 18:45
        +1

        I had commented on the likelihood of cancelled orders that were paid by gift card, would receive worthless gift cards as a refund :(

        • GreatWhiteHunter on 06/01/2016 - 21:10
          +1

          It is only fair that if you paid via gift card you get a gift card in return.

          Note also that the extended warranty people have the option of giving you a gift card rather than fixing or replacing your insured equipment - should make it cheap for them coz they can buy millions of dollars of face value gift cards for sweet FA….

      • nismo on 06/01/2016 - 23:03

        Yes, I believe it was with a GC.

        The purchase was mid December, not that that makes any difference now..

        • the-mal on 07/01/2016 - 07:14
          +1

          They'll most definitely be refunding gift cards with gift cards, just as they'd do normally.

          With receivers at the helm they'll be doing everything they can to not return cash to anyone.

        • ca6leguy on 07/01/2016 - 07:29

          @the-mal: gift card was worth something last time not now. They should not be refunding with gift cards now. If they do that, then you can do the same by going in store and exchanging the gift card with a product.

        • the-mal on 07/01/2016 - 08:23
          +3

          @ca6leguy: Doesn't matter. It was a gift card prior, and it's a gift card now. Gift cards are refunded with gift cards. You're simply returning the funds to their former state (albeit a worthless state now). Same as if you bought a gift card whilst Product X was worth $100 and you return it when Product X is now sold for $200 you'll still receive a refund Gift Card for the original $100 paid. Lots of external factors influence the "value" of money on a gift card including the value of the dollar, the RRP of goods in the store, the availability of goods in the store, and now the redeem-ability of the gift cards themselves.

          I agree that it's a lousy thing to do, but it's really just sticking to their standard operating procedure which is exactly what they would be encouraged to do right now. Selling a new gift card would be a different scenario, but refunding an old gift card for a gift card is technically the "correct procedure".

          Still sucks, but them's the breaks. There will be losers in this situation. There will be people who cop situations that seem unfair. It's no longer about fairness, it's about legality.

    • boonanza on 06/01/2016 - 19:31
      +1

      Bar$tard$

    • forumninja on 06/01/2016 - 19:36

      A journalist should get on this!

      • the-mal on 07/01/2016 - 07:16
        +2

        This is normal. Pay for something with a gift card and they don't give you the remaining balance in cash, they give it to you on a gift card. Return something paid for by a gift card and they'll give you another gift card.

        When you buy a gift card for any store it's always made clear that it's not redeemable for cash.

  • CCDee on 06/01/2016 - 17:50
    +5

    #givecashnotgiftcards

  • CandyMan on 06/01/2016 - 17:59

    I wonder if the gift cards will be honoured on DS NZ website as they are profitable and not affected by the OZ problem
    "The business owes about $150 million to banks, but the New Zealand arm of the company is profitable and might be attractive to buyers."

    • markis10 on 06/01/2016 - 18:17

      Maybe profitable but also currently in receivership.

    • INFIDEL on 06/01/2016 - 18:26

      Same receivers, same no gift cards honoured directive.

      • maxall on 06/01/2016 - 19:58

        sell the division of NZ stores, save the OZ Dick brand name

        • INFIDEL on 06/01/2016 - 20:12

          Wow, same idea as receivers announced!

  • jtc13 on 06/01/2016 - 18:39
    +4

    Forget the receivers - If you paid by Credit Card or purchased a gift card using a credit card go to your bank to dispute it. Then you are going after the bank that gave DSE a credit facility (ability to take credit card payments) and their bank is liable to refund you. Can take up to 6 weeks but they should be liable as they have to consider something called pre-payment exposure before they let a merchant like DSE accept credit card payments.

    This is what happened when Ansett went under. People who purchased tickets in advance (same as a gift card I believe) by credit card had right to claim against Ansett's merchant bank via the Visa and Mastercard chargeback scheme and Ansett's bank (ANZ at the time I think) had to cover the costs and try to recover from the receivers.

  • lightsets on 06/01/2016 - 18:53

    saw severals threads of claim through Credit card bank,wondering it works cos i purchased GC cards last June trough coles paid by Visa credit card, coles anounced that they are not responsilbe at all and kick u back to dick, will VISA be going to help in such a case?

    • jtc13 on 06/01/2016 - 19:00
      +1

      Not 100% sure if purchased through another provider. I am trying to remember back to what happened with the travel agents who booked Ansett on behalf of customers. Let me try and pull it from the memory banks.

      In the meantime I would raise a dispute with your credit card bank any way. Don't think it costs you anything (at least it never used to) to do it so you have nothing to lose.

    • INFIDEL on 06/01/2016 - 19:20
      +3

      Banks generally only allow a maximum of 90 days to lodge a complaint. Check with your bank.

      You would also need to prove the purchase amount of DS Cards (Coles purchase may include other items), with a receipt. Coles may be able to supply a copy.

      Then there is the difficulty in proving the amount of credit left on the gift cards to make a claim. Just because you bought $X of cards, does not mean $X is left. Possible bonus credit would complicate matters. But, DS is not processing gift cards to find out your outstanding credit. You could ask nicely in store for the necessary printout.

      Problem is, the gift cards were valid & able to be used for 6 months after you bought them. DS financial woes have been in the media, so a cautious person would have spent the credit.

      • pat320 on 06/01/2016 - 20:11

        may i ask you is it possible to ask coles to reprint the receipts? I have $1700 gift card bought from coles:(

        • INFIDEL on 06/01/2016 - 20:17
          +3

          Take in a copy of your credit card statement, showing date & gift card transaction details. Try at a quiet time, at same store if possible. Ask them (nicely) for a copy of your transaction receipt.
          Hope you are successful.

  • maxdba on 06/01/2016 - 19:13
    +1

    Ordered a fitibit for a friend as Christmas gift in Dec from Dicksmith. Delayed for about 1 month. Finally came today, Was about to ask for a gift card for my friend as a compensation last week. Don't bother now.

  • R1ngSt1nger on 06/01/2016 - 19:19
    +3

    Credit card charge backs work 100% in these situations. Couple of years ago I pre-purchased some Gold Coast accommodation ($1,200). Two months before we travelled, the real estate company went into involuntary administration and we lost our money. Contacted the bank and filled in the appropriate forms, we got all of our money back in around three weeks.

    Always pay by credit card where you can.

    • jtc13 on 06/01/2016 - 19:37

      Totally agree - note that visa debit and mastercard debit do not always enjoy the same chargeback rights. Credit card is best if you want this protection.

      Pretty sure back when ansett went bust the advice was speak to your travel agent for a refund and if they refuse then raise a chargeback if you paid by visa or mastercard credit cards. If you paid cash or debit card you were shit out of luck.

      Basically you are using the visa and mastercard scheme rules to make whoever you purchased the gift card off the creditor for DSE instead of you. For Lightsets example you are trying to make Coles the creditor as you purchased the gift card from them. Coles no longer has a merchant bank for their credit card transactions as they set it all up themselves with Visa and Mastercard but they are still governed by the rules.

      the 6 months element Infidel raises and the fact that they were in financial trouble should not come into it. Purchases of Ansett tickets had sometimes purchased them 12 months before hand and charge backs were still honored. Ansett was also rumored to be going under preceding the receivers being called in.

      • INFIDEL on 06/01/2016 - 19:46

        Best to check current credit card / bank t&c.

        Ansett collapse was 14 years ago, was a travel service generally sold through travel agents then, so may have been covered by their insurance schemes for charge back.

        Gift card purchase charge back will be complex as I outlined above. That seems to be the main reason discussed for charge backs.

        Ansett charge back was simply in comparison (full purchase amount was likely the charge back value, receipts / tickets were issued, purchase could be proven not to have been partly or completely redeemed).

        Charge back of undelivered credit card purchases should be a straight forward matter, as it was before.

      • jkim on 06/01/2016 - 20:10

        The issue with chargeback for giftcards is that the value redeemed is indeterminate.
        For Ansett, the full service was not delivered, so the chargeback right was clear.
        For giftcard? not so clear cut - especially when the administrators will not divulge the evidence.

        Coles have a policy of no refund on used giftcards.
        Unused giftcards may still be refunded.

        • INFIDEL on 06/01/2016 - 20:23

          I'm not sure if that unused gift card refund policy applies now to defunct DS cards.

          Coles cannot recoup the payment from DS as they usually would, so it would be a complete loss for them. The cards have effectively no value. As far as I read, Coles says no refund, see your credit card provider.

          If you have proof that this refund policy applies now, a lot of people would be interested :)

        • jtc13 on 06/01/2016 - 21:33

          @Infidel:

          I searched the visa chargeback rules for gift cards online. They only mention gift cards once and do not specifically exclude them so if you purchased a gift card using a credit card at Coles / woolworths or DSE you may still win the case against their merchant bank or themselves. They have to follow the scheme rules in order to continue to accept credit card payments so if visa or MasterCard say you win the dispute they will have to cough up.

          Note this is assuming the purchase was not deemed a cash advance on your cc statement. It has to have been deemed a purchase of goods or services.

          No guarantees but I firmly believe this is the best chance of a full refund for those affected. Call your credit card provider if in this situation

        • jkim on 06/01/2016 - 21:36

          @Infidel: The policy is general (unwritten) policy, not specific to this particular case. It is there to cater for change of mind customers immediately after purchase, although the "official stance" is no refund on all giftcards. The system itself will process the giftcard void and refund if entered into the pinpads as long as the giftcards are "new" (i.e. void successful at issuer). In this case, not sure what the DS/woolies issuer system would return though.
          It won't allow any giftcards that have had a single 1c transaction through on the same note.

  • unity1 on 06/01/2016 - 19:35

    What happens with the Melbourne Stars BBL Team? Noticed tonight that DS has been removed from their shirts or the logo has been covered up. Optus have replaced DS.

    • fillit on 06/01/2016 - 20:11

      basically Melbourne Stars have become unsecured creditors as well.

      undoubtedly they would have performance/exposure incentives from DSE.

      they are unlikely to get any payment from DSE once it's liquidated and being one of the most popular/highest exposure BBL teams, they represent good value for advertising.

  • 2Poor4Ozb on 06/01/2016 - 19:52
    +2

    nothing new DICK is just being a DICK like always

  • Thespottedcow on 06/01/2016 - 20:23
    +8

    Check out this old Dick Smith ad. Classic. Love the old Computers.

    https://www.youtube.com/watch?v=JbCr15KkBxY&list=PLF6BB7E9B2…

    Or this one (check out the $899 Mobile Phone)

    https://www.youtube.com/watch?v=kNqwdosmMJw&list=PLF6BB7E9B2…

    • CryssieJade on 07/01/2016 - 07:28

      Check out those 'Channel 9 dancers' hahaaa gold

    • effgee on 07/01/2016 - 10:07

      awesome post.

      The (young Dick)[https://youtu.be/JbCr15KkBxY?list=PLF6BB7E9B2B27A18C&t=38] reminds me strangely of (Dave Jones from EEVblog)[https://www.youtube.com/user/EEVblog]

    • malouphix on 07/01/2016 - 10:24

      Nice! Thanks so much.

  • Food on 06/01/2016 - 20:36
    +1

    Notice the Melbourne Stars BBL team no longer have their long time sponsor Dick Smith on their playing shirts, replaced with Optus (for obvious reasons).
    They still had DS on their shirts last game and DS advertising around the grounds.
    Good guy Optus for stepping in, however it's an Eddie McGuire team so they can GAGF ;)
    Wonder if they're owed $?

    • GreatWhiteHunter on 06/01/2016 - 21:24

      Good guy Optus?

      They were given a sweetheart deal - what makes Optus good for taking commercial advantage of the situation?

      • Food on 06/01/2016 - 21:31

        Well I do agree; more likely Cricket Australia wagered the deal since they're in bed with Optus.

  • theone4Abargain83 on 06/01/2016 - 22:32
    +21

    This is just a notice to anyone who are not sure if their gift card is useless, look at your gift card properly. If you have any of the DSE gift cards with the silhouette of womans head wearing the headphones which looks like this http://i.imgur.com/VEsRh6S.jpg you have an older 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…

  • CCDee on 06/01/2016 - 22:42
    +2

    I think the positive out of this situation is the general population should now understand that whilst giving a giftcard shows effort and thought, it's a terrible commercial decision.

    You're:

    (a) Limiting the recipient to purchasing goods at one retailer
    (b) Enforcing a time limit (gift card expiry)
    (c) Forfeiting cash to become an unsecured creditor ie. lent funds without any security

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