Kogan buys Dick Smith's Online Division

[wynnum1]

Heaps of stock in the stores at the moment, probably completely cleared out the warehouse.

Just bought a 55" Full HD / LED for $500 today.

I want to set it up but I've just scored a sack of Simpsons Maris Otter and want to get brewing.

First World Problems.

There was court case over container loads of televisions that court allowed to be sold not sure whether there is a decision over ownership but better to have cash then televisions getting old .
With stock if you have not sold or dumped would suggest that it is still an asset on the accounts like when CRT televisions went obsolete or Mobile Phone Accessories or last years laptop.

 

[mwd]

Apparently all DSE branded TVs can be sold off cheap they have listed until 23rd March but prices are still not that great. Public are only buying the named brands ATM. When they actually know the shop closing date maybe some better prices when that date nears.

If you want Eneloop batteries then Masters had much better prices than Dick even with 30% off marked.

Edit : was looking for a USB Charger price $21.00 at Dicks yesterday then more power and 4 slots in Kmart for $15.00.
The Dick Smith one was 2.4A with only one USB slot.

 

[pcmfisher]

The reason they couldn't suppy stock was because the original Private Equity mob that bought Dicks from Woolworths deliberately ran stock levels right down to make profits look incredibly good.
Then the next Private Equity mob who got suckered into buying the company were lumbered with all the problems.

Nothing wrong with the actual online company business model itself, when I was buying stuff online 3 or 4 years ago it arrived mostly overnight and was well priced.
Just the prix behind it all. Well they've gone belly up so hopefully Kogan can resurrect it.

Who was that?

 

[goomboogo]

Who was that?

There was no subsequent private equity mob. The mob lumbered with the problems were the shareholders of the publicly listed company.

 

[Airgead]

Yep, the private equity mob suckered a whole bunch of people to buy shares in the float at well above any sensible valuation. What they did should be illegal. In my book it's fraud. And no I didn't buy shares...

 

[superstock]

Yep, the private equity mob suckered a whole bunch of people to buy shares in the float at well above any sensible valuation. What they did should be illegal. In my book it's fraud. And no I didn't buy shares...

Totally agree.

 

[pcmfisher]

There was no subsequent private equity mob. The mob lumbered with the problems were the shareholders of the publicly listed company.

That's what I thought.
As stated, should be illegal.
So should trading while insolvent as the big companies going under all do.

"What? We are $200 million in the shit. I am certain we were ok up till yesterday...."

 

[mwd]

Looks like the final closeure to be end of April and latest web sale finishes 23rd March. Might be a few bargains to be had as they empty the stores. Plenty of tills and fitments to be sold off cheap. TV savings ATM not that great only 20% and Kogan got 20% off at Ebay starting now.

 

[wide eyed and legless]

Bought my wife a Kindle (eBay) bought the cover from Dick Smiths 70% off, bargain. Not much left in our local stores.

 

[pcmfisher]

I went into a DSE shop the other day to check out their mega reduced final sale.
Even on a final closing down liquidation sale they were not even very competitive. A few things like tablet and phone covers were 70% off but TVs and such were only 20% off. You can get that much off at harvey's just by asking.

 

[wide eyed and legless]

Went past Dicks today had a quick look inside noticed they are selling off all their display units and shelving, anyone after some of this for their brewery should go down and make an offer. Was tempted to do this myself but there is nothing I need, ******* magpie.

 

[mondestrunken]

The reason they couldn't suppy stock was because the original Private Equity mob that bought Dicks from Woolworths deliberately ran stock levels right down to make profits look incredibly good.
Then the next Private Equity mob who got suckered into buying the company were lumbered with all the problems.

Yep, the private equity mob suckered a whole bunch of people to buy shares in the float at well above any sensible valuation. What they did should be illegal. In my book it's fraud. And no I didn't buy shares...

Illegal? I thought this is the basic business model of all private equity firms.

 

[Airgead]

Indeed it is. Doesn't stop it from being immoral and fraudulent.

If I ran the economy I would make it illegal along with any financial product that is more than one step away from actual production. So a share in a company is OK but an option to buy a derivative of a bundled set of futures and the like would be strictly off limits. That's not finance it's gambling and it destabilises the economy by moving money wa way from investment in things that actually make and do stuff and towards juggling numbers and making vast paper profits appear out of nowhere that taxpayers have to bail out when it all turns to crap.

 

[wide eyed and legless]

ACCC is there to protect against fraud,immoral some things may seem but doesn't make them illegal, remember the old saying about a fool and his money.

 

[wynnum1]

How many super funds invested in DSE .

 

[Ducatiboy stu]

How many super funds invested in DSE .

Ones that are not very smart

 

[Airgead]

ACCC is there to protect against fraud,immoral some things may seem but doesn't make them illegal, remember the old saying about a fool and his money.

I know it's legal. I'm saying it shouldn't be. Our laws are currently designed to allow this sort of thing because... Markets...markets solve everything...

Our current financial markets and laws are way out of whack and need to change.

 

[Dave70]

That's what I thought.
As stated, should be illegal.
So should trading while insolvent as the big companies going under all do.

"What? We are $200 million in the shit. I am certain we were ok up till yesterday...."

So does the little guy.
You wanna hear how many times I've heard 'Mate, is it ok if you cash that cheque next week? I'm just waiting to get paid from so -and - so'.
Its the Australian way.

 

[wide eyed and legless]

I wouldn't have a bar of that Dave, got it tried on a couple of times, paying by cheque , had to be banked before goods were delivered, different for me as I was supplying goods not services.

its a dog eat dog world, I wouldn't waste any time or energy wondering why lots of things are illegal and immoral, but its surprising how much one can get away with IF you don't get too greedy, and greed is a funny thing, one of the seven deadly sins, everyone has it, even in the animal world, what purpose it serves or why we have it I wouldn't have a clue, but its in each and everyone of us.
Everyone who gets ripped off and those who are doing the ripping off are driven by greed. Funny stuff IMO.

 

[mwd]

Looks like most will be shut down mid April. My local only has rubbish left and other stuff that they don't discount. All my bargains came last year when on Special much cheaper than the 'Firesale' Nothing to look forward to with Kogan can get everything needed much cheaper with Ebay or Wish.