Goodbye Dick Smith

[Lager Bloke]

Unfortunate for the investors I agree,feel sorry for the employees but-hopefully all pay + holidays,super payed out-not go through as creditor's to end up @ 1c in the $(bugger-nothing left after the vultures called in)
Rob.

 

[Bribie G]

I expect Masters will be the next cab off the rank, being another store that can't decide what it's core business should be.
I'd love to see Mitre 10 get a backer, buy Masters, ditch the fridges and designer kitchens and really go after Bunnings.
They wouldn't need to repaint the stores either.

 

[wide eyed and legless]

Unfortunate for the investors I agree,feel sorry for the employees but-hopefully all pay + holidays,super payed out-not go through as creditor's to end up @ 1c in the $(bugger-nothing left after the vultures called in)
Rob.

The employees would be secured creditors so should get what is owed to them.Just a new job will be hard to come by in the retail sector.

 

[fraser_john]

I expect Masters will be the next cab off the rank, being another store that can't decide what it's core business should be.
I'd love to see Mitre 10 get a backer, buy Masters, ditch the fridges and designer kitchens and really go after Bunnings.
They wouldn't need to repaint the stores either.

Yep, the attempt to be similar to Lowes in the USA just won't work here in Australia. Lowes was great, you could buy almost everything, from a range hood to under floor insulation as well as lovely stainless plumbing goodies for brewing, but here there is too much competition from other specialty stores like Harvey Norman etc.

 

[Jaded and Bitter]

Dick Smith seemed to really rally about 5 years ago, but over the last couple of years seemed to go down hill. I noticed the stock started to dwindle in my local store in the last year. I had started thinking something was up.

 

[jeremy]

I went into Dick Smith the other day because I needed a soldering iron, I thought it was a dead cert. I spent ages circling the place sure I would find one. When I realized they didn't sell them it occurred to me that I had no idea what Dick Smith sell...

 

[Bribie G]

http://www.bunnings.com.au/our-range/tools/tool-accessories/soldering/soldering?gclid=CjwKEAiA8K20BRDetNv3p6DNhXwSJADSwa3tqv6DhUyGfMD0EiXKlgr8P5G6u8cN80frhFAIf5y_wxoCkELw_wcB

 

[shacked]

The employees would be secured creditors so should get what is owed to them.Just a new job will be hard to come by in the retail sector.

Employees even rank above the ATO and get paid second (after the administrators who *somehow* always seem to get paid first...).

 

[Phoney]

IMO Dick Smith peaked in the 90's when they started opening their Powerhouse superstores. They were like JB-Hi Fi + Jaycar in a Hardly Normal sized store. Once they ditched the hobby electronics and started closing down those stores they went downhill and became rubbish. Its sad what they've become but I won't be sad to see them go.

A few years ago there was talk of them being swallowed up by Myers or DJ's and replacing their electronics sub-departments. Whatever happened to that idea?

 

[barls]

I'm waiting on my last part of the items i ordered before christmas.
rang the monday got told its in the van to be delivered, this was after 1.5 hours on the phone on hold and being hung up on 4 times.
they tried to deliver it yesterday but i was at work, they have under an hour for todays delivery left

 

[Maheel]

I expect Masters will be the next cab off the rank, being another store that can't decide what it's core business should be.
I'd love to see Mitre 10 get a backer, buy Masters, ditch the fridges and designer kitchens and really go after Bunnings.
They wouldn't need to repaint the stores either.

i was reading some investment blurb about masters b4 xmas

same sort of deal can happen with their value of stock being worth more than what is owed between / to Woolworths / lowes deal
if they shut it down
there was some sort of buyout clause from one or the other based on performance

in the end it's wollies shareholders (and more likely woolies customers) wo will fund the losses in masters

unless they sell it to a private equity mob.....

 

[Maheel]

another 10 cents worth

would not surprise me if Anchorage Capital had short sold the absolute **** out of DSE all the way down and made an even bigger profit from the deal

thats where the "inside" players would have made their coin.....