Consumer retail chain Dick Smith will host its first sale this Wednesday since being taken over by new parent Anchorage Capital Partners.
Former long-time owner Woolworths sold the brand in late September to the private equity firm for $20 million. The sale involved 100 percent of the Dick Smith business, made up of 325 stores and 4500 staff.
The new owner today announced it would host its first sale as parent of the chain.
Dick Smith stores across Australia will stay open for an extra three hours until 8pm on Wednesday 5th December as part of a Christmas sale event, offering products including iPods, cameras, TVs, computers, home theatre systems and home networking at between 10 and 50 percent reductions.
The sale will also run online. Queensland’s Logan and Rockhampton, Victoria’s Box Hill, and Western Australia’s Busselton, Kalgoorlie, Bunbury and Albany stores will not participate in the sale.
Anchorage Capital revealed in late September it would keep the chain up and running, re-open some stores closed by Woolworths as well as new locations, and push into new product categories and online retail.
Woolworths had searched for a buyer for the retail chain for nine months prior to the takeover by Anchorage Capital.
It announced in January it would offload the consumer electronics brand after a strategic review found it wasn't profitable enough to warrant further investment.
Woolworths spent $383 million restructuring Dick Smith. The consumer chain has net assets worth $8.4 billion.
Its namesake founder and outspoken Australian entrepreneur, Dick Smith, sold the chain to Woolworths in 1982 for $20 million.
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Issue: 347 | March 2016