Tagged With dick smith

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In their report on the demise of Dick Smith, McGrathNicol liquidators pinpointed dubious accounting methods that are known in the industry as “real activities management”. The practices, involving manipulating sales figures and stock inventories saw Dick Smith purchasing excessive amounts of inventory in order to fill their rapid expansion of stores and bank rebates from suppliers to boost earnings.

Shared from Gizmodo

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Dick Smith Administrators McGrathNicol have revealed in their Report to Creditors background to the financial performance of Dick Smith, the reasons for its failure, the outcome of the receivership, the likelihood of financial returns to creditors, and the nature of claims that can be pursued, as well as a recommendation that the companies be wound up and liquidators be appointed.

The TL;DR version: too much stock was kept on hand, gift cards are now worthless, employees will get what they are owed (if they haven't already) but there is "no expectation" that banks and shareholders will receive anything.

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The Dick Smith of my childhood was a magical place. Gazing with wide eyes at the gadgets and gizmos around me, I was resigned to never owning them but found satisfaction in looking and dreaming. The store that I visited this week was a pit of despair and humiliation, as consumers picked the bones of the carcass and workers faced the end with resigned apathy.

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Dick Smith's final day of reckoning is finally upon us. Within the fortnight, every Dick Smith store in Australia and New Zealand will have shut down for good. The final store closes its doors on May 3. And yes, you can still snap up some bargains.

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The Dick Smith brand name will live on as an online store owned and operated by Kogan. The resurrected Dick Smith e-store will launch on 1 June. So what does this mean for existing warranties? And what happens to Dick Smith's existing customer information? Here's what you need to know.

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Early last month, the Senate announced an inquiry with terms of reference that cover the collapse of Dick Smith Electronics. There is a lot for senators to pore over in the float and failure of Dick Smith. From its float to its failure, the story of Dick Smith is ugly in its connotations for how business is done.

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Dear Lifehacker, Like many fellow bargain hunters, I hit up the Dick Smith closing down sales over the weekend. While the deals weren't as impressive as I was hoping, I did manage to pick up some new headphones for 40 per cent off. However, I'm now a bit worried about what will happen if they suddenly stop working -- in a few weeks, there won't be any Dick Smith stores to take them back to! Does the warranty still hold up?

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Last week, electronics retailer Dick Smith announced it would be closing down for good. All those shoppers who bought gift cards during the Christmas retail rush now have useless pieces of plastic, while investors who bought in to the company at $2.20 per share a mere two years ago have lost all their money. As we conduct a post-mortem, an important question arises: is this is an isolated failure, or the first of many business failures in some sort of contagion?

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Yesterday morning, Dick Smith kicked off its closing down sale as it prepares to permanently shut down all stores in New Zealand and Australia over the next eight weeks. To many, the deals weren't quite up to the "fire sale" moniker they had been labeled under, with most items slashed by just 20 per cent. However, we have it on good authority that the discounts will receive a big increase this Thursday. Here's what you need to know.

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Dick Smith is officially closing the doors on all stores across Australia and New Zealand. The electronics chain needs to get rid of all its existing stock and is hosting a fire sale today. Here are the discounts you can expect to find for HD TVs, smartphones, drones, laptops, DSLR cameras, games consoles, headphones and Apple products.

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It's official: After months of fruitless negotiations with would-be buyers, Dick Smith is shutting up shop in Australia and New Zealand. All 363 stores will shut down within the next eight weeks with some 2890 staff put out of work. It's a sad day for brick-and-mortar retail but a good one for Aussie bargain hunters. The fire sales are coming...

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Yesterday, Dick Smith's receivers announced that all 363 stores across Australia and New Zealand will be closing down over the next eight weeks. It was a sad and ignoble end to one of Australia's most beloved tech retailers...Except it wasn't actually that beloved at all. As this graph from Roy Morgan Research points out, customer satisfaction with the franchise was significantly lower than any of its competitors and had been spiraling downward for years.