Might be some more bargains?

Woolworths got out in time, the public floaters made a motza and now there are some big funds, incl maybe your super, and a lot of mums & dads with worthless shares.

But Gerry Harvey & JB HiFi are laughing.

I don't think the real Dick Smith will be laughing though. He must be sad about it all.

bogarde73 wrote on Jan 5^th, 2016 at 6:52am:

I don't think the real Dick Smith will be laughing though. He must be sad about it all.

oh I dont know hes made his motza as well....

my thoughts are with the staff it shakes the foundations of their world doesnt it??....it is sad very sad to see aussie business go under..... and when you see the likes of ALDI and IKEA..[foreign owned].who seem to take a bite out of everything....all they need is to get permission to sell lottery tickets and they have the works.. :(

Dick Smith said on Chl 7 this morning that he sold Dick Smith Electronics for 30 million dollars. Later it was floated for 500 million and Smith said that was when it got into trouble. There are 300 stores involved with hundreds of staff.

red baron wrote on Jan 5^th, 2016 at 7:36am:

Dick Smith said on Chl 7 this morning that he sold Dick Smith Electronics for 30 million dollars. Later it was floated for 500 million and Smith said that was when it got into trouble. There are 300 stores involved with hundreds of staff.

Would be interesting to know where they have gone wrong, the model has obviously changed from the old days, they seem to be more like a JB HIFI store these days, too much competition in selling TV's Laptops etc.

The whole thing was probably just a giant scam to rob shareholders.

innocentbystander. wrote on Jan 5^th, 2016 at 8:43am:

The whole thing was probably just a giant scam to rob shareholders.

You might be close to the mark there. A pig in a poke sold to the market, including I suspect some big funds.
Deutsche Bank had 5% up till a day or two ago and I don't think they would have been able to unload that much stock, and they wouldn't be the only ones.

Saul Goodman wrote on Jan 5^th, 2016 at 8:22am:

red baron wrote on Jan 5th, 2016 at 7:36am: Dick Smith said on Chl 7 this morning that he sold Dick Smith Electronics for 30 million dollars. Later it was floated for 500 million and Smith said that was when it got into trouble. There are 300 stores involved with hundreds of staff. Would be interesting to know where they have gone wrong, the model has obviously changed from the old days, they seem to be more like a JB HIFI store these days, too much competition in selling TV's Laptops etc.

The old DS stores sold all kinds of electronic stuff, including individual components for repairmen and hobbyists.

Now they just shift product, and not a wide selection of that.

I went to mine to buy a new internal BD-ROM drive for the super-lappy - no, they didn't carry them.

Happy to sel me a bulky and expensive external one, though...  I politely declined. :(

bogarde73 wrote on Jan 5^th, 2016 at 6:52am:

Might be some more bargains? Woolworths got out in time, the public floaters made a motza and now there are some big funds, incl maybe your super, and a lot of mums & dads with worthless shares. But Gerry Harvey & JB HiFi are laughing. I don't think the real Dick Smith will be laughing though. He must be sad about it all.

The private equity fund who offloaded this onto the public are laughing all of the way to the bank. How many super funds bought into this garbage company which was just a front for chinese made junk with huge markups !!

Kat wrote on Jan 5^th, 2016 at 9:21am:

Saul Goodman wrote on Jan 5th, 2016 at 8:22am: red baron wrote on Jan 5th, 2016 at 7:36am: Dick Smith said on Chl 7 this morning that he sold Dick Smith Electronics for 30 million dollars. Later it was floated for 500 million and Smith said that was when it got into trouble. There are 300 stores involved with hundreds of staff. Would be interesting to know where they have gone wrong, the model has obviously changed from the old days, they seem to be more like a JB HIFI store these days, too much competition in selling TV's Laptops etc. The old DS stores sold all kinds of electronic stuff, including individual components for repairmen and hobbyists. Now they just shift product, and not a wide selection of that. I went to mine to buy a new internal BD-ROM drive for the super-lappy - no, they didn't carry them. Happy to sel me a bulky and expensive external one, though...  I politely declined. :(

What about a HDMI cable for 20 bucks !! I could buy a better quality one from Aldis for $3.99 !!!

Sir lastnail wrote on Jan 5^th, 2016 at 10:21am:

bogarde73 wrote on Jan 5th, 2016 at 6:52am: Might be some more bargains? Woolworths got out in time, the public floaters made a motza and now there are some big funds, incl maybe your super, and a lot of mums & dads with worthless shares. But Gerry Harvey & JB HiFi are laughing. I don't think the real Dick Smith will be laughing though. He must be sad about it all. The private equity fund who offloaded this onto the public are laughing all of the way to the bank. How many super funds bought into this garbage company which was just a front for chinese made junk with huge markups !!

So the 'open market and driven by market forces and investment' style of superannuation doesn't work?  We need a National Super Scheme properly controlled and guaranteed?

Thank Heavens our pollies and past pollies have theirs stashed in the Bahamas, along with the public servants.

So much for 'equal treatment' of all...... where's ahovking to tell us capitalism is the only way to go (unless you are a pollie or PS).....

Saul Goodman wrote on Jan 5^th, 2016 at 8:22am:

Would be interesting to know where they have gone wrong ...

Limited choice, and high prices.

greggerypeccary wrote on Jan 5^th, 2016 at 11:03am:

Saul Goodman wrote on Jan 5th, 2016 at 8:22am: Would be interesting to know where they have gone wrong ... Limited choice, and high prices.

unless I have misread their P & L sheets... they made over 37 Million Dollars in the 14/15 financial year

so whats the big deal?

and as far as I know.. the Receivers are not 'INTO" Dick Smiths..

they have suspended trading themselves while they do a bit of accounting and adjusting..

so we will see...

President Elect, The Mechanic wrote on Jan 5^th, 2016 at 11:33am:

greggerypeccary wrote on Jan 5th, 2016 at 11:03am: Saul Goodman wrote on Jan 5th, 2016 at 8:22am: Would be interesting to know where they have gone wrong ... Limited choice, and high prices. unless I have misread their P & L sheets... they made over 37 Million Dollars in the 14/15 financial year so whats the big deal? and as far as I know.. the Receivers are not 'INTO" Dick Smiths.. they have suspended trading themselves while they do a bit of accounting and adjusting.. so we will see...

Dick Smith is in voluntary administration which means they can't pay their debt.

Sun Tzu wrote on Jan 5^th, 2016 at 11:35am:

President Elect, The Mechanic wrote on Jan 5th, 2016 at 11:33am: greggerypeccary wrote on Jan 5th, 2016 at 11:03am: Saul Goodman wrote on Jan 5th, 2016 at 8:22am: Would be interesting to know where they have gone wrong ... Limited choice, and high prices. unless I have misread their P & L sheets... they made over 37 Million Dollars in the 14/15 financial year so whats the big deal? and as far as I know.. the Receivers are not 'INTO" Dick Smiths.. they have suspended trading themselves while they do a bit of accounting and adjusting.. so we will see... Dick Smith is in voluntary administration which means they can't pay their debt.

"I wouldn't be surprised if the company is not able to resume trading on Wednesday and instead seeks an extension of time to continue trying to re-finance its debt".

http://www.smh.com.au/business/retail/this-could-be-the-end-of-the-road-for-dick-smith-says-forager-funds-boss-20160104-glyqsu.html

President Elect, The Mechanic wrote on Jan 5^th, 2016 at 11:33am:

greggerypeccary wrote on Jan 5th, 2016 at 11:03am: Saul Goodman wrote on Jan 5th, 2016 at 8:22am: Would be interesting to know where they have gone wrong ... Limited choice, and high prices. unless I have misread their P & L sheets... they made over 37 Million Dollars in the 14/15 financial year so whats the big deal? and as far as I know.. the Receivers are not 'INTO" Dick Smiths.. they have suspended trading themselves while they do a bit of accounting and adjusting.. so we will see...

"Dick Smith has gone into voluntary administration, with receivers appointed to try to claw back debt owed to the company's creditors."

http://www.smh.com.au/business/retail/dick-smith-goes-into-voluntary-administration-20160104-glzc0t.html

Quote:

Dick Smith reported a net profit after tax of $37.9 million, with underlying net profit of $43.4 million, up 3.1 per cent from $42.1 million in 2014. Earnings before tax were $79.8 million, up 7.3 per cent from $74.4 million in 2014.

???  :-?

Quote:

August 18 2015 At the end of its second year trading as a public company, Dick Smith’s underlying net profit has grown 3.1 per cent to $43.4 million, which excludes $5.5 million restructuring charges. Total sales improved 7.5 per cent to $1.3 billion for the full year ended June 30, while comparable sales for the electronics retailer were steady, rising one per cent. In Australia, sales grew 10 per cent year on year, with 2.4 per cent Australian comparable sales growth.

what gives??  :-?

President Elect, The Mechanic wrote on Jan 5^th, 2016 at 11:48am:

Quote: August 18 2015 At the end of its second year trading as a public company, Dick Smith’s underlying net profit has grown 3.1 per cent to $43.4 million, which excludes $5.5 million restructuring charges. Total sales improved 7.5 per cent to $1.3 billion for the full year ended June 30, while comparable sales for the electronics retailer were steady, rising one per cent. In Australia, sales grew 10 per cent year on year, with 2.4 per cent Australian comparable sales growth. what gives??  :-?

Not enough.

greggerypeccary wrote on Jan 5^th, 2016 at 11:53am:

President Elect, The Mechanic wrote on Jan 5th, 2016 at 11:48am: Quote: August 18 2015 At the end of its second year trading as a public company, Dick Smith’s underlying net profit has grown 3.1 per cent to $43.4 million, which excludes $5.5 million restructuring charges. Total sales improved 7.5 per cent to $1.3 billion for the full year ended June 30, while comparable sales for the electronics retailer were steady, rising one per cent. In Australia, sales grew 10 per cent year on year, with 2.4 per cent Australian comparable sales growth. what gives??  :-? Not enough.

Christmas Sales not up to scratch.

Saul Goodman wrote on Jan 5^th, 2016 at 11:56am:

greggerypeccary wrote on Jan 5th, 2016 at 11:53am: President Elect, The Mechanic wrote on Jan 5th, 2016 at 11:48am: Quote: August 18 2015 At the end of its second year trading as a public company, Dick Smith’s underlying net profit has grown 3.1 per cent to $43.4 million, which excludes $5.5 million restructuring charges. Total sales improved 7.5 per cent to $1.3 billion for the full year ended June 30, while comparable sales for the electronics retailer were steady, rising one per cent. In Australia, sales grew 10 per cent year on year, with 2.4 per cent Australian comparable sales growth. what gives??  :-? Not enough. Christmas Sales not up to scratch.

Indeed.

And anyone who received a gift voucher for Christmas, is out of luck.

What gives is their bankers, chiefly NAB and HSBC, don't think they are able to service their debt and have pulled the plug in accordance with the terms of their agreements.
They will remain trading while efforts are made to find a buyer of the business as a going concern - very unlikely. Next stop liquidation.

innocentbystander. wrote on Jan 5^th, 2016 at 8:43am:

The whole thing was probably just a giant scam to rob shareholders.

You're right on the money, sadly.

Dick Smith - what went wrong? (ABC Online, excerpt)

Quote:

Private equity group Anchorage Capital bought Dick Smith from Woolworths in 2012 for an initial payment of just $20m. Anchorage then "dressed the company up to look good for just one thing - to persuade people to but (sic) shares," according to analysts from Forager Funds Management. Anchorage "wrote down the value of the inventory, took provisions for future onerous lease payments, wrote down the value of the plant and equipment and liquidated a lot of the inventory as quickly as they possibly could to throw off cash," according to Forager's Steve Johnson. The cash was then used by Anchorage to effectively make Dick Smith 'buy itself'. The writedowns inflated profits, a key factor in enticing investors into the company. For example: a stock item that may have been bought for $100 may have been in the books at $60 after the writedowns, which meant an extra $40 profit on every sale. The writedown of plant and equipment lowered depreciation charges, also boosting the bottom line. "But when they liquidated all that inventory to pay for the purchase price, they didn't replace it," according to Forager's Steve Johnson. "And the new owners of the business, since it's been listed on the stock market, have had to put in a lot more money to fund the increase in inventory."

This is very interesting!

Dick Smith is the Greatest Private Equity Heist of All Time

Want to know how to turn $10m in to $520m in less than two years? Just ask Anchorage Capital. The private equity group has pulled off one of the great heists of all time, using all the tricks in the book, to turn Dick Smith from a $10m piece of mutton into a $520m lamb.

Having spent the morning poking through the accounts, we’re going to show you how it all happened.

Firstly, Anchorage set up a holding company called Dick Smith Sub-holdings that they used to acquire the Dick Smith business from Woolworths. They say they paid $115m, but the notes to the 2014 accounts show that only $20m in cash was initially paid by the holding company.

Much More On Here...Too much to post

https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/?repost=%22shhh%22

Saul Goodman wrote on Jan 5^th, 2016 at 5:37pm:

This is very interesting! Dick Smith is the Greatest Private Equity Heist of All Time Want to know how to turn $10m in to $520m in less than two years? Just ask Anchorage Capital. The private equity group has pulled off one of the great heists of all time, using all the tricks in the book, to turn Dick Smith from a $10m piece of mutton into a $520m lamb. Having spent the morning poking through the accounts, we’re going to show you how it all happened. Firstly, Anchorage set up a holding company called Dick Smith Sub-holdings that they used to acquire the Dick Smith business from Woolworths. They say they paid $115m, but the notes to the 2014 accounts show that only $20m in cash was initially paid by the holding company. Much More On Here...Too much to post https://foragerfunds.com/bristlemouth/dick-smith-is-the-greatest-private-equity-heist-of-all-time/?repost=%22shhh%22

It's a scandal.

There are too many companies listing on the stock exchange that are worthless.

How many mums & dads shareholders lost money?

It's theft!

I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D

innocentbystander. wrote on Jan 5^th, 2016 at 6:00pm:

I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D

It shouldn't have even been on the stock market if it was a $30 million company
selling shares for $500 million.

People in high places should be charged.

Well Sir Bobby, of course it is inexcusable. However this kind of thing has been going on since Noah was a boy. It is a bit like the Sydney Property Market which as I predicted a long time ago, has crapped itself.

If you don't understand it, stay away from it, treat it a bit like a brown snake.

red baron wrote on Jan 5^th, 2016 at 6:29pm:

Well Sir Bobby, of course it is inexcusable. However this kind of thing has been going on since Noah was a boy. It is a bit like the Sydney Property Market which as I predicted a long time ago, has crapped itself. If you don't understand it, stay away from it, treat it a bit like a brown snake.

But you're an ex cop -

why aren't those responsible - charged with fraud?

Bobby. wrote on Jan 5^th, 2016 at 6:06pm:

innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged.

They will be given a ten million dollar bonus instead  ;D

innocentbystander. wrote on Jan 5^th, 2016 at 6:53pm:

Bobby. wrote on Jan 5th, 2016 at 6:06pm: innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged. They will be given a ten million dollar bonus instead  ;D

Probably -

corporate crooks who earn money for nothing by robbing people legally of their life savings.

They should be hanged in public.

I heard the private equity firm that bought dicksmith from woolies payed 90 mill for it. They then floated it on the stock exchange and raised 500 mill from gullible mums and dad investor along with all of the so called astute super funds :D LOL

Honestly who would invest in a business like this ? What possible value do they add ? They are just glorified importers of chinese made junk.

hang em high bobby..

Sir lastnail wrote on Jan 5^th, 2016 at 8:57pm:

I heard the private equity firm that bought dicksmith from woolies payed 90 mill for it. They then floated it on the stock exchange and raised 500 mill from gullible mums and dad investor along with all of the so called astute super funds :D LOL Honestly who would invest in a business like this ? What possible value do they add ? They are just glorified importers of chinese made junk.

Hi sir Nail,

I think the investors want their money back:


https://www.youtube.com/watch?v=maVKqtNVY7o

President Elect, The Mechanic wrote on Jan 5^th, 2016 at 9:00pm:

hang em high bobby..

Yes - nothing but filthy dirty rotten thieves -

hang them from the highest lamp post in front of parliament.

Just for fun I did a bit of research this afternoon.

Not detailed, takes too long, but enough to make me think that at the time of a receiver being appointed a number of institutional funds still had significant holdings, including funds that were likely to be holding partially for super funds of varying size.
Certainly there were no substantial transactions between 10/12/15 and the receiver being appointed on 4/1/16 which would have been required to be disclosed, leading to a reasonable conclusion that significant holdings in DSH remained intact when the axe fell.

I won't name the institutions but anyone interested can go to the ASX website, check the announcements for 2015 and look at the ones concerning substantial shareholder movements.

The administrators are hoping to save about half the stores under new ownership (?) and also to sell off others to chains in southern states like Betta and others I don't know.
Wish them luck for the sake of the jobs but I think it will fall in a heap personally. The climate of confidence is against it as is the debt.

In relation to the gift card situation, it has to remembered that the hands of the Administrator are tied by the insolvency laws, which require the holders of gift cards to be treated as unsecured creditors, ie. at the end of the line for any recovery.

But some other stores, incl Coles, are offering to exchange them for other cards if they were bought in their stores.

evolution

Dick Smith goes, appliancesonline thrives

Bobby. wrote on Jan 5^th, 2016 at 6:06pm:

innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged.

And the talk of business and growth is, that one cannot expect constant growth all the time, it levels out, and then it is to be maintained, not go silly and overspend as if there is no tomorrow.

Since the main person that started and owned the business (Dick Smith) was managing it, he would be caring for it and being savvy and sensible with spending, and to put back into the business and workers, but sell it to wanna be high corporate cowboys, and they pay each other out more than they should, and the company goes under.

So the bottom line is, when will they learn, that there is no such thing as constant growth forever.....level it out and maintain, especially when there is a lot of competition, pull the purse strings if one has to in order to survive.....isn't that what Harvey Norman do? After all, they still own their own and run their own business with sensibility.

I think of other businesses that have closed down in recent years such a Retravision, after being in business for 40 years, one would think they would have learnt something from the ages of graphs, growth, profit, loss and competition to counter act it, even have some money aside for a rainy day, to be able to keep the doors open rather than go into receivership etc.

Sophia wrote on Jan 8^th, 2016 at 9:33am:

Bobby. wrote on Jan 5th, 2016 at 6:06pm: innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged. And the talk of business and growth is, that one cannot expect constant growth all the time, it levels out, and then it is to be maintained, not go silly and overspend as if there is no tomorrow. Since the main person that started and owned the business (Dick Smith) was managing it, he would be caring for it and being savvy and sensible with spending, and to put back into the business and workers, but sell it to wanna be high corporate cowboys, and they pay each other out more than they should, and the company goes under. So the bottom line is, when will they learn, that there is no such thing as constant growth forever.....level it out and maintain, especially when there is a lot of competition, pull the purse strings if one has to in order to survive.....isn't that what Harvey Norman do? After all, they still own their own and run their own business with sensibility. I think of other businesses that have closed down in recent years such a Retravision, after being in business for 40 years, one would think they would have learnt something from the ages of graphs, growth, profit, loss and competition to counter act it, even have some money aside for a rainy day, to be able to keep the doors open rather than go into receivership etc.

What does Hardly Normal do that is sensible ? He has online sales but you have to go to his shop to pick it up :D LOL Hardly Normal still doesn't get online sales !! This nonsense that you have to buy everything from a bricks and mortar store is old fashioned now !!

Sir lastnail wrote on Jan 8^th, 2016 at 10:16am:

Sophia wrote on Jan 8th, 2016 at 9:33am: Bobby. wrote on Jan 5th, 2016 at 6:06pm: innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged. And the talk of business and growth is, that one cannot expect constant growth all the time, it levels out, and then it is to be maintained, not go silly and overspend as if there is no tomorrow. Since the main person that started and owned the business (Dick Smith) was managing it, he would be caring for it and being savvy and sensible with spending, and to put back into the business and workers, but sell it to wanna be high corporate cowboys, and they pay each other out more than they should, and the company goes under. So the bottom line is, when will they learn, that there is no such thing as constant growth forever.....level it out and maintain, especially when there is a lot of competition, pull the purse strings if one has to in order to survive.....isn't that what Harvey Norman do? After all, they still own their own and run their own business with sensibility. I think of other businesses that have closed down in recent years such a Retravision, after being in business for 40 years, one would think they would have learnt something from the ages of graphs, growth, profit, loss and competition to counter act it, even have some money aside for a rainy day, to be able to keep the doors open rather than go into receivership etc. What does Hardly Normal do that is sensible ? He has online sales but you have to go to his shop to pick it up :D LOL Hardly Normal still doesn't get online sales !! This nonsense that you have to buy everything from a bricks and mortar store is old fashioned now !!

Harvey Norman is not in any financial trouble is it? Or the Good Guys?
They have a huge store, and every time I stop in there, there are heaps of people in there, and yes, I even have to wait in line when I have to pay for something at the checkout.

Okay, call me old fashioned then.....There are BBQ's, furniture, electrical applicance, computers, and other bargain bin items I like to physically look at before I buy.
Beds are something you can't go past than go in and try before you buy for instance.
I need a new fridge, and I went in to look at the way it opens, and the space inside, before I decide.
These are factors that cannot determine what I choose online.

Yes, I am a big online shopper, but not for big items.

This still needs to be either delivered for x amount either from the store, or from wherever it needs to be transported.

Recently, we had a fire which gutted out our entire BBQ area, and we had to look at BBQ's to replace it, and lucky we measured the inside where it cooks, as there are so many different BBQ's....how can I determine what to buy online without really looking at it and measuring it?

As for beds, I think you will find people still like to do the old fashioned "laying on the bed" to see how soft or firm the mattress is, even trying out pillows.

And buying TV's.....I either go into The Good Guys, JB Hifi, or Harvey Normal, to get a physical idea what TV I like.

Talking about business going under, remember Ansett? Bought out by NZ airline company, stripped of it's assets, and shut down, heaps of people lost their jobs.

So it's nothing to do with online sales, even Dick Smith had online sales too, partnered with Ebay with specials. So the online shopping thing didn't save Dick Smith from going under.
Business savvy isn't just about online shopping.

Sophia wrote on Jan 8^th, 2016 at 10:41am:

Sir lastnail wrote on Jan 8th, 2016 at 10:16am: Sophia wrote on Jan 8th, 2016 at 9:33am: Bobby. wrote on Jan 5th, 2016 at 6:06pm: innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged. And the talk of business and growth is, that one cannot expect constant growth all the time, it levels out, and then it is to be maintained, not go silly and overspend as if there is no tomorrow. Since the main person that started and owned the business (Dick Smith) was managing it, he would be caring for it and being savvy and sensible with spending, and to put back into the business and workers, but sell it to wanna be high corporate cowboys, and they pay each other out more than they should, and the company goes under. So the bottom line is, when will they learn, that there is no such thing as constant growth forever.....level it out and maintain, especially when there is a lot of competition, pull the purse strings if one has to in order to survive.....isn't that what Harvey Norman do? After all, they still own their own and run their own business with sensibility. I think of other businesses that have closed down in recent years such a Retravision, after being in business for 40 years, one would think they would have learnt something from the ages of graphs, growth, profit, loss and competition to counter act it, even have some money aside for a rainy day, to be able to keep the doors open rather than go into receivership etc. What does Hardly Normal do that is sensible ? He has online sales but you have to go to his shop to pick it up :D LOL Hardly Normal still doesn't get online sales !! This nonsense that you have to buy everything from a bricks and mortar store is old fashioned now !! Harvey Norman is not in any financial trouble is it? Or the Good Guys? They have a huge store, and every time I stop in there, there are heaps of people in there, and yes, I even have to wait in line when I have to pay for something at the checkout. Okay, call me old fashioned then.....There are BBQ's, furniture, electrical applicance, computers, and other bargain bin items I like to physically look at before I buy. Beds are something you can't go past than go in and try before you buy for instance. I need a new fridge, and I went in to look at the way it opens, and the space inside, before I decide. These are factors that cannot determine what I choose online. Yes, I am a big online shopper, but not for big items. This still needs to be either delivered for x amount either from the store, or from wherever it needs to be transported. Recently, we had a fire which gutted out our entire BBQ area, and we had to look at BBQ's to replace it, and lucky we measured the inside where it cooks, as there are so many different BBQ's....how can I determine what to buy online without really looking at it and measuring it? As for beds, I think you will find people still like to do the old fashioned "laying on the bed" to see how soft or firm the mattress is, even trying out pillows. And buying TV's.....I either go into The Good Guys, JB Hifi, or Harvey Normal, to get a physical idea what TV I like. Talking about business going under, remember Ansett? Bought out by NZ airline company, stripped of it's assets, and shut down, heaps of people lost their jobs. So it's nothing to do with online sales, even Dick Smith had online sales too, partnered with Ebay with specials. So the online shopping thing didn't save Dick Smith from going under. Business savvy isn't just about online shopping.

Like any hardware related items, bricks and mortar stores like bunnings and masters will survive simply for the need to inspect the item before you buy it. But when it comes to electrical goods that's a different matter. Research online is more valuable than seeing it sitting in a showroom !!

As for dicksmith being online you are missing the point. If he was online trying to flog his stuff at his shop store prices then he has missed the point. The average garage setup ebay store would run rings around him in terms of prices. Just because you have online presence does not mean you are successful. You have to offer value. You can't be flogging HDMI cables for 20 bucks when you can get them from Aldis for 4 bucks !! And Hardly Normal flogging Monster cable HDMI cables for 100 bucks which are crap quality says more about their business ethics than anything else.

As for TV's I bought mine from Aldis without seeing it work. No regrets yet. I could have easily bought online as well site unseen based on other peoples opinions. The beauty of the internet is that you can see other peoples feedback which is something you will never get from a shop store salesman !!

Sir lastnail wrote on Jan 8^th, 2016 at 11:07am:

Sophia wrote on Jan 8th, 2016 at 10:41am: Sir lastnail wrote on Jan 8th, 2016 at 10:16am: Sophia wrote on Jan 8th, 2016 at 9:33am: Bobby. wrote on Jan 5th, 2016 at 6:06pm: innocentbystander. wrote on Jan 5th, 2016 at 6:00pm: I don't know why people that have no idea what they are doing get involved in the share market, its like doing your own electrical wiring  :D It shouldn't have even been on the stock market if it was a $30 million company selling shares for $500 million. People in high places should be charged. And the talk of business and growth is, that one cannot expect constant growth all the time, it levels out, and then it is to be maintained, not go silly and overspend as if there is no tomorrow. Since the main person that started and owned the business (Dick Smith) was managing it, he would be caring for it and being savvy and sensible with spending, and to put back into the business and workers, but sell it to wanna be high corporate cowboys, and they pay each other out more than they should, and the company goes under. So the bottom line is, when will they learn, that there is no such thing as constant growth forever.....level it out and maintain, especially when there is a lot of competition, pull the purse strings if one has to in order to survive.....isn't that what Harvey Norman do? After all, they still own their own and run their own business with sensibility. I think of other businesses that have closed down in recent years such a Retravision, after being in business for 40 years, one would think they would have learnt something from the ages of graphs, growth, profit, loss and competition to counter act it, even have some money aside for a rainy day, to be able to keep the doors open rather than go into receivership etc. What does Hardly Normal do that is sensible ? He has online sales but you have to go to his shop to pick it up :D LOL Hardly Normal still doesn't get online sales !! This nonsense that you have to buy everything from a bricks and mortar store is old fashioned now !! Harvey Norman is not in any financial trouble is it? Or the Good Guys? They have a huge store, and every time I stop in there, there are heaps of people in there, and yes, I even have to wait in line when I have to pay for something at the checkout. Okay, call me old fashioned then.....There are BBQ's, furniture, electrical applicance, computers, and other bargain bin items I like to physically look at before I buy. Beds are something you can't go past than go in and try before you buy for instance. I need a new fridge, and I went in to look at the way it opens, and the space inside, before I decide. These are factors that cannot determine what I choose online. Yes, I am a big online shopper, but not for big items. This still needs to be either delivered for x amount either from the store, or from wherever it needs to be transported. Recently, we had a fire which gutted out our entire BBQ area, and we had to look at BBQ's to replace it, and lucky we measured the inside where it cooks, as there are so many different BBQ's....how can I determine what to buy online without really looking at it and measuring it? As for beds, I think you will find people still like to do the old fashioned "laying on the bed" to see how soft or firm the mattress is, even trying out pillows. And buying TV's.....I either go into The Good Guys, JB Hifi, or Harvey Normal, to get a physical idea what TV I like. Talking about business going under, remember Ansett? Bought out by NZ airline company, stripped of it's assets, and shut down, heaps of people lost their jobs. So it's nothing to do with online sales, even Dick Smith had online sales too, partnered with Ebay with specials. So the online shopping thing didn't save Dick Smith from going under. Business savvy isn't just about online shopping. Like any hardware related items, bricks and mortar stores like bunnings and masters will survive simply for the need to inspect the item before you buy it. But when it comes to electrical goods that's a different matter. Research online is more valuable than seeing it sitting in a showroom !! As for dicksmith being online you are missing the point. If he was online trying to flog his stuff at his shop store prices then he has missed the point. The average garage setup ebay store would run rings around him in terms of prices. Just because you have online presence does not mean you are successful. You have to offer value. You can't be flogging HDMI cables for 20 bucks when you can get them from Aldis for 4 bucks !! As for TV's I bought mine from Aldis without seeing it work. No regrets yet. I could have easily bought online as well site unseen based on other peoples opinions. The beauty of the internet is that you can see other peoples feedback which is something you will never get from a shop store salesman !!

I do agree re: other people's feedbacks are something I savour.

I too have bought my desktop all in one computer from Aldi's which was cheaper than Hewlett Packard (HP) by hundred$.
The only reason I don't mind buying from Aldi in that way, is because they do have a money back guarantee if you don't like the product for any reason, no questions asked.
That helps.

Sophia wrote on Jan 8^th, 2016 at 10:41am:

Harvey Norman is not in any financial trouble is it?

he's not .... but many of his franchisee's are. Harvey makes more money from the rent he charges his franchisees, then he does from the sale of his goods.


Sophia wrote on Jan 8^th, 2016 at 10:41am:

This still needs to be either delivered for x amount either from the store, or from wherever it needs to be transported.

many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind


Sophia wrote on Jan 8^th, 2016 at 10:41am:

.how can I determine what to buy online without really looking at it and measuring it?

a good online store will provide all that information for you.


Sophia wrote on Jan 8^th, 2016 at 10:41am:

And buying TV's.....I either go into The Good Guys, JB Hifi, or Harvey Normal, to get a physical idea what TV I like.

so do I ... then I phone appliances online, tell them what I want and what price they need to beat (if they haven't already done so) and they match or better it for me. Delivered to my door usually the next day.


Sophia wrote on Jan 8^th, 2016 at 10:41am:

So it's nothing to do with online sales,

Dicks biggest problem is that it sells old technology.

I ran out of space... had to do a new reply.

The other way of shopping bricks and mortar is buying cars, caravans, etc.

Now when you think about shopping, you know, us women love to shop, try on shoes, clothes.....it's just the way it is.
Impulse buying at it's best!

Movie theatres are incorporated in with the big shopping centres.

Recently, Ringwood Eastland has expanded hugely, very opulant, and more shops still to open.

To be perfectly honest, I can't see how these shops make a profit, the overhead, rent etc must be enormous on a weekly basis.

But they are still there, many of these shops, and I mean shops like Victoria's Secret, Pandora, Myers, handbag and suitcase shops like Victoria Station, Katies, a host of jewellry stores, book stores, camping stores and so on.

They seem to be around forever, and opening up in new areas of the expanded shopping centres as well.

I have a feeling, the old fashioned street shopping is going to be no longer as the herds move in the newer direction where shopping centres, have everything you want, food courts, movies, restaurants shops of all types.

John Smith wrote on Jan 8^th, 2016 at 11:11am:

Sophia wrote on Jan 8th, 2016 at 10:41am: Harvey Norman is not in any financial trouble is it? he's not .... but many of his franchisee's are. Harvey makes more money from the rent he charges his franchisees, then he does from the sale of his goods. Shows how savvy they are to survive, that's part of business. Sophia wrote on Jan 8th, 2016 at 10:41am: This still needs to be either delivered for x amount either from the store, or from wherever it needs to be transported. many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind I will have to have a closer look at this, hence it will eliminate the need to put it out for hard rubbish collection I suppose. Sophia wrote on Jan 8th, 2016 at 10:41am: .how can I determine what to buy online without really looking at it and measuring it? a good online store will provide all that information for you. I really do like to have a real look at it, and see how the lid opens for the BBQ for instance....sure, then I can look at prices online of what I liked or saw. Sophia wrote on Jan 8th, 2016 at 10:41am: And buying TV's.....I either go into The Good Guys, JB Hifi, or Harvey Normal, to get a physical idea what TV I like. so do I ... then I phone appliances online, tell them what I want and what price they need to beat (if they haven't already done so) and they match or better it for me. Delivered to my door usually the next day. Sophia wrote on Jan 8th, 2016 at 10:41am: So it's nothing to do with online sales, Dicks biggest problem is that it sells old technology.I found some of the phones, printers and inks, and GPS were all up to date. There is this one particular GPS I want, 7 inch, and you talk to it.....but their price was always over $300, even online with ebay, it was never as cheap as what I could get it at say Bing, for instance for around the $270...so I did wait for a price drop for over a year to buy it from Dick Smith store (I didn't need one in a hurry, still have the Navman).....but....it never happened, their prices were not always the best to compare with other stores online. But would not think that was the sole reason to go under. There would have to be various factors, it usually takes more than one factor for that to happen.

John Smith wrote on Jan 8^th, 2016 at 11:11am:

many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind

I can highly recommend them.

Reasonable prices, next day delivery, installation, and removal of old appliance.

I've used them a few times now.

greggerypeccary wrote on Jan 8^th, 2016 at 11:27am:

John Smith wrote on Jan 8th, 2016 at 11:11am: many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind I can highly recommend them. Reasonable prices, next day delivery, installation, and removal of old appliance. I've used them a few times now.

I am having a geez at the french door fridges on that online site now, with plumbed in water dispenser (and ice maker), will take the model no's down with price, and go see what I find in the next couple of days going out to the shops  :)

Usually I say to the store, if they can match the price onine, they have done so in the past I found.
That's another way of doing business, when they say something like, if you find it cheaper elsewhere, we will match it or give you 5-10% cheaper.

Competition in business is the way to keep afloat.

BTW.....find and tell me the cheapest Garmin Nuvi 2797 GPS  8-) :)

Sophia wrote on Jan 8^th, 2016 at 11:37am:

greggerypeccary wrote on Jan 8th, 2016 at 11:27am: John Smith wrote on Jan 8th, 2016 at 11:11am: many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind I can highly recommend them. Reasonable prices, next day delivery, installation, and removal of old appliance. I've used them a few times now. I am having a geez at the french door fridges on that online site now, with plumbed in water dispenser (and ice maker), will take the model no's down with price, and go see what I find in the next couple of days going out to the shops  :) Usually I say to the store, if they can match the price onine, they have done so in the past I found. That's another way of doing business, when they say something like, if you find it cheaper elsewhere, we will match it or give you 5-10% cheaper. Competition in business is the way to keep afloat. BTW.....find and tell me the cheapest Garmin Nuvi 2797 GPS  8-) :)

You might not always get the cheapest price with appliancesonline.com.au, however, with delivery, installation, and removal of the old unit thrown in, I don't mind paying a little extra just to have everything done in one morning or afternoon.

greggerypeccary wrote on Jan 8^th, 2016 at 11:50am:

Sophia wrote on Jan 8th, 2016 at 11:37am: greggerypeccary wrote on Jan 8th, 2016 at 11:27am: John Smith wrote on Jan 8th, 2016 at 11:11am: many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind I can highly recommend them. Reasonable prices, next day delivery, installation, and removal of old appliance. I've used them a few times now. I am having a geez at the french door fridges on that online site now, with plumbed in water dispenser (and ice maker), will take the model no's down with price, and go see what I find in the next couple of days going out to the shops  :) Usually I say to the store, if they can match the price onine, they have done so in the past I found. That's another way of doing business, when they say something like, if you find it cheaper elsewhere, we will match it or give you 5-10% cheaper. Competition in business is the way to keep afloat. BTW.....find and tell me the cheapest Garmin Nuvi 2797 GPS  8-) :) You might not always get the cheapest price with appliancesonline.com.au, however, with delivery, installation, and removal of the old unit thrown in, I don't mind paying a little extra just to have everything done in one morning or afternoon.

At least you don't have to bust your back doing all that, and especially if one has stairs at their abode.

I am now looking online for specials and what delivered for, Moet & Chandon Imperial.......I managed to get 2 for $100 at woolies the other day in beautiful containers.
(Special occasion coming up).

John Smith wrote on Jan 8^th, 2016 at 11:11am:

Sophia wrote on Jan 8th, 2016 at 10:41am: Harvey Norman is not in any financial trouble is it? he's not .... but many of his franchisee's are. Harvey makes more money from the rent he charges his franchisees, then he does from the sale of his goods.

Yes Hardly Normal is nothing more than a glorified commercial landlord and his franchise is just a front to stitch up punters to a commercial lease !!

Sir lastnail wrote on Jan 8^th, 2016 at 11:58am:

John Smith wrote on Jan 8th, 2016 at 11:11am: Sophia wrote on Jan 8th, 2016 at 10:41am: Harvey Norman is not in any financial trouble is it? he's not .... but many of his franchisee's are. Harvey makes more money from the rent he charges his franchisees, then he does from the sale of his goods. Yes Hardly Normal is nothing more than a glorified commercial landlord and his franchise is just a front to stitch up punters to a commercial lease !!

Does that mean 'franchise' is or can be a dirty word?  :-?

page turning....effort 1...

Sir lastnail wrote on Jan 8^th, 2016 at 11:58am:

John Smith wrote on Jan 8th, 2016 at 11:11am: Sophia wrote on Jan 8th, 2016 at 10:41am: Harvey Norman is not in any financial trouble is it? he's not .... but many of his franchisee's are. Harvey makes more money from the rent he charges his franchisees, then he does from the sale of his goods. Yes Hardly Normal is nothing more than a glorified commercial landlord and his franchise is just a front to stitch up punters to a commercial lease !!

The workers aren't looked after too well either.

I've noticed that Harvey Norman are in Europe now. Not sure when that started.

There are 2 Dick Smith Stores in Penrith. One in the big Penrith Plaza but the store is relatively small. The other one is on Mulgoa Road where many of the trade sites are. It's a big one.

But...both have one common thread, the service in them has been poor, poor, poor.

I even fronted the Manager of the one on Mulgoa Road and told him that it was totally unacceptable to expect customer to wait upwards of 30 minutes just so the store could accept their dollars. I dumped my purchases on the counter and walked.

Went back recently near Christmas to see if things had improved, they had in a fashion, think there was one other customer in that huge store.

greggerypeccary wrote on Jan 8^th, 2016 at 11:27am:

John Smith wrote on Jan 8th, 2016 at 11:11am: many online stores offer free delivery and they'll even take away your old appliance ..again, http://www.appliancesonline.com.au/ comes to mind I can highly recommend them. Reasonable prices, next day delivery, installation, and removal of old appliance. I've used them a few times now.

I've used them dozens of times. They've never failed on delivery at the said time once.

In my line of work it makes things easy for me cause when a tenants appliance breaks, I send the owner the link and ask them to pick a new appliance. They have a whole range of items to choose from rather than just leaving it up to the tradesman to choose, which is what most property managers do.

greggerypeccary wrote on Jan 8^th, 2016 at 11:50am:

You might not always get the cheapest price with appliancesonline.com.au,

yes you will ... you just have to phone them and let them know what the competitors price is. I even rang them a week after I bought the appliance to complain because I found the same appliance $200 cheaper elsewhere and they refunded me the difference.

Having said that, I have never use applianceonlines installation service. I have a range of regular contractors that I use that usually install for less then appliancesonline charges me.

Coles, Kogan to offer exchanges for Dick Smith cards after retailer enters receivership

http://www.abc.net.au/news/2016-01-08/dick-smith-gift-cards-honoured-by-other-retailers/7076938

Well done to both Kogan and Coles .... and clever too. National advertising on every news service for what will probably be a fairly low cost.

Dick Smith were nothing but box shifters who couldn't compete with Ebay.

I'm afraid to say that investors got sucked in.

Worse than expected:

Dick Smith's fate may not be decided for another six months, with administrators set to apply for more time to investigate the downfall of the electrical retailer.

At the first meeting of creditors on Thursday, McGrathNicol administrator Joe Hayes said it would be impossible to resolve all the issues by the current February 9 deadline.

He told an audience of about 150 people he would make a court application next week and expects the bank-appointed receivers to ask for six months in which to conduct their business.

The retailer went into receivership just over a week ago and has been advertised for sale, with the receiver Ferrier Hodgson weighing whether it is possible to offload the business as a going concern.

Dick Smith owes secured creditors about $140 million and unsecured creditors, which includes customers with unredeemed gift cards, another $250 million.
Mr Hayes said initial estimates suggested Dick Smith had employee liabilities of about $15 million, covering things such as long service leave but excluding any potential redundancy payments.

He said it holds about $220 million of inventory but cautioned that this was just a snapshot of the business.

"We've only been in Dick Smith for 10 days or so, so our information is limited," Mr Hayes said.

Thursday's meeting in central Sydney will determine whether to appoint a committee of creditors and, if so, who the committee members will be and whether to continue McGrathNicol as the administrators.