Woolworths sells Dick Smith Electronics

[brewjono]

Does this mean that Australians won't be able to buy Kindles through Dick Smith stores anymore?

Woolworths has offloaded its Dick Smith Electronics chain for $20 million to private equity group Anchorage Capital Partners.

Woolworths said it had signed a share sale agreement with Anchorage and the deal was expected to be finalised in late 2012.

Anchorage will take control of the 325 Dick Smith stores, which employ more than 4,500 staff.

"Initial cash proceeds will be $20 million to be received in FY13 with Woolworths potentially benefiting from any upside resulting from a future sale of Dick Smith by Anchorage," Woolworths said in a statement on Thursday.

[teh603]

Holy Hand Grenades, Batman! Woolworths is still in business?

[khalleron]

Originally Posted by teh603

Holy Hand Grenades, Batman! Woolworths is still in business?

In Australia it is.

[cfrizz]

Originally Posted by teh603

Holy Hand Grenades, Batman! Woolworths is still in business?

That's what I was thinking!!!

[Kumabjorn]

That seens like a bargain bottom price for a whole chain of stores.

[carpetmojo]

"Woolworths sells Dick Smith Electronics"

Here in UK, Woolworths sold Woolworths .......


(Plus a lot of tat they couldn't shift before)

[DarkScribe]

Originally Posted by brewjono

Does this mean that Australians won't be able to buy Kindles through Dick Smith stores anymore?

Woolworths has offloaded its Dick Smith Electronics chain for $20 million to private equity group Anchorage Capital Partners.

Woolworths said it had signed a share sale agreement with Anchorage and the deal was expected to be finalised in late 2012.

Anchorage will take control of the 325 Dick Smith stores, which employ more than 4,500 staff.

"Initial cash proceeds will be $20 million to be received in FY13 with Woolworths potentially benefiting from any upside resulting from a future sale of Dick Smith by Anchorage," Woolworths said in a statement on Thursday.

Woolworth (Big-W) sells Kindles. They will continue to do so.

[sabredog]

Well there goes my 5% discount

My wife works for Woolworths so we both get a staff discount at all Woolworths owned stores.

I used to buy from Tricky Dicks a lot, but not so much now as they got rid of their lay-buy system which had worked well for us in the past, whilst our kids were growing up.

I do believe they are struggling to compete with the likes of JB HiFi

[montsnmags]

Originally Posted by teh603

Holy Hand Grenades, Batman! Woolworths is still in business?

Unrelated company, I believe.

[sabredog]

Originally Posted by teh603

Holy Hand Grenades, Batman! Woolworths is still in business?

Woolies here is one of the "Big Two" with Coles. Between them, they dominate the supermarket sector here in Australia.

As well, the groups own other businesses within the retail sector.

[Jozawun]

Originally Posted by montsnmags

Unrelated company, I believe.

Yes, no historical links with the original American mob.
They just pinched the name because it wasn't registered here.

[cyvros]

Originally Posted by sabredog

Well there goes my 5% discount

My wife works for Woolworths so we both get a staff discount at all Woolworths owned stores.

Don't worry, your staff card will still work at Dick Smith till 31st December, 2013. There's been no confirmation, but a couple of higher-ups have indicated that a modified deal with Amazon is in the works so that both Woolies and Dick Smith will have access to Kindles.

[DarkScribe]

Originally Posted by cyvros

Don't worry, your staff card will still work at Dick Smith till 31st December, 2013. There's been no confirmation, but a couple of higher-ups have indicated that a modified deal with Amazon is in the works so that both Woolies and Dick Smith will have access to Kindles.

Not all Dick Smith stores are included in the deal. Some will remain independent. Some stores have signs in the windows and near the cash registers indicating this - apparently some are franchises.

[Solicitous]

Originally Posted by sabredog

I do believe they are struggling to compete with the likes of JB HiFi

Not to be rude but I say congratulations to them, they reaped the rewards of all the effort they put in. Zip and zilch.

Once upon a time when it was Dick Smith Electronics it was THE store to go to, but the move away from electronics to just being a retail store killed it. I've noticed for some time their catalogs have not had any real specials, they have just been selected normal priced items 'made' to look a good deal, no discount on normal pricing.

[cyvros]

Originally Posted by DarkScribe

Not all Dick Smith stores are included in the deal. Some will remain independent. Some stores have signs in the windows and near the cash registers indicating this - apparently some are franchises.

Huh. I thought most of the resellers had closed up years back. I remember seeing a couple in country Victoria when I was growing up. Well, the more you know.