Dick Smith hosts first sale under new owner

Dec 4, 2012 12:50 PM
Filed under Hardware

One-day Christmas offer.

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.

 
Follow us on Facebook and Twitter
 

Copyright © CRN Australia. All rights reserved.

Dick Smith hosts first sale under new owner
 
 
 
 
 
Top Stories
How a devastating cyber attack turned Melbourne victim into evangelist
Back from despair after Distribute IT lost 4,800 websites.
 
Aldi to sell $279 dual SIM smartphone
Supermarket ups mobile ante with new plans and phone.
 
EMC takes custody of VCE as Cisco marriage falters
What will it mean for future of Vblock?
 
Sign up to receive CRN email bulletins
   FOLLOW US...
Polls
Is Microsoft right to limit the reseller channel for Surface?

Latest Comments
CRN Magazine

Issue: 331 | September 2014

CRN Magazine looks in-depth at the emerging issues and developments for the channel, and provides insight, analysis and strategic information to help resellers better run their businesses.