{"id":90649,"date":"1999-12-31T00:39:00","date_gmt":"1999-12-30T13:39:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/is-dick-smith-set-to-become-super-cheap-tech\/"},"modified":"1999-12-31T00:39:00","modified_gmt":"1999-12-30T13:39:00","slug":"is-dick-smith-set-to-become-super-cheap-tech","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/1999\/12\/31\/is-dick-smith-set-to-become-super-cheap-tech\/","title":{"rendered":"Is Dick Smith Set To Become Super Cheap Tech?"},"content":{"rendered":"<p>Is Dick Smith set to become Super Cheap Tech?<\/p>\n<div><span style=\"font-family: sans-serif; font-size: 13.3333px;\">Sources within Dick Smith claims that the Super Retail Group that own Super Cheap Auto group are currently running a ruler over the remnants of the Dick Smith retail chain that was placed into administration earlier this week.<\/span><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">ChannelNews has been told that the group is only interested in selected stores and that over 50% of the current Dick Smith stores could be closed down.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Under Super Cheap Tech, the stores could take on Jayco as well as range auto tech and consumer electronics excluding the likes of TV&#8217;s and PC&#8217;s.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Dick Smith&#8217;s bankers &#8211; NAB and HSBC &#8211; called in receivers Ferrier Hodgson who is set to formally launch a for sale process in an effort to shift the Dick Smith group as one entity.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">ChannelNews has also been told that both a South African and New Zealand retail group have contacted the receivers regarding selected assets.&nbsp;<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">The company&#8217;s New Zealand operations, which remain profitable, are expected to be the most attractive of the assets along with the Move stores and the Dick Smith online operation.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">The collapse came just days before another company, home furnishings chain Laura Ashley, called in FTI Consulting as ?administrators.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">FTI Consulting said it intended for the business to trade as usual while &#8220;an urgent assessment of the company&#8217;s financial position is conducted&#8221;. Laura Ashley&#8217;s New Zealand operations will not be affected, nor will the brand&#8217;s British stores, which operate as a separate company.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Despite the failure of the two retailers, analysts anticipate strong results from the December trading period. Analysts at Citi said it appeared discretionary spending growth over Christmas would hit 6 per cent, with feedback and store visits showing strong results for Dick Smith competitor JB Hi-Fi and Super Retail Group&#8217;s Rebel business.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Ferrier Hodgson&#8217;s James Stewart on Tuesday said the New Zealand business was profitable and &#8220;expected it would be ?attractive to potential buyers&#8221;. The company operates 62 stores in New Zealand.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">Another retailer that could be interested is Briscoe Group, which operates a number of brands including Briscoes Homeware, Living &amp; Giving and Rebel Sport in New Zealand.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">It has about 80 stores across the country and annual revenues of more than $450 million.<\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\"><br \/><\/span><\/font><\/div>\n<div><font face=\"sans-serif\"><span style=\"font-size: 13.3333px;\">The company unsuccessfully tried to acquire another Australian chain, Kathmandu, last year, lobbing a $312m bid in July.<\/span><\/font><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Is Dick Smith set to become Super Cheap Tech?<\/p>\n","protected":false},"author":42,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,179],"tags":[],"class_list":["post-90649","post","type-post","status-publish","format-gallery","hentry","category-archive","category-retail","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is Dick Smith Set To Become Super Cheap Tech? 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