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Dick Smith (retailer)

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708: 581: 55: 561: 346: 534: 460: 329:, cut it up into small bits and sell it for 10 cents a cube. On the morning of 1 April 1978, it appeared as if he had succeeded as hundreds of phone calls reporting the iceberg began flooding into local newspapers and radio and television stations, most of which were from Dick Smith employees. The "iceberg" turned out to be a barge cloaked in white plastic sheeting and topped with 699:
considered one of the largest private-equity heists of all time, with Anchorage Capital ultimately turning $ 10m in to $ 520m in less than two years. (They added $ 10M from Dick Smith itself in order to pay the $ 20M purchase price). Multiple court cases and class actions resulted. ASIC was accused of failing to act, and chose not to publish their post mortem investigations.
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products. Alongside the car radio business, he opened "Dick Smith Wholesale". The business catered to electronics hobbyists, meeting a need Smith had felt. In those days, hobbyists could buy components only from larger wholesale companies better set up for dealing with commercial customers. After touring overseas electronic stores to study modern
792:, Hong Kong. The store targeted tourists generally and Australians, in particular, looking for tax-free DSE products. An international edition of the flagship catalogue was published in support of the operation. In the face of fierce competition from established local retailers and disappointing sales, the business closed in June 1980. 674:. At the time of the listing, the market capitalisation of the company was valued at A$ 520 million, less than two years after Anchorage had purchased the company for A$ 20 million. Anchorage initially retained 20% of the shares in the new company but had fully divested their holdings by September 2014. 698:
Prior to bankruptcy, management used fraudulent accounting methods to acquire A$ 124.89 million in loans falsely alleging it was needed to purchase stock for boxing day sales. CFO Michael Potts was found guilty and ordered to repay $ 43M to NAB in June 2021. Around the time of closing, it was widely
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in September 2012, for an initial cash payment of A$ 20 million and ultimate total price of some $ 115 million. It has been argued that Anchorage only put up $ 10 million in cash, the remainder of the funds being sourced from the business itself through liquidation of inventory, plant and equipment,
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Following further strategic review, the company decided to push forward with the new concept under the reworked "Dick Smith – Talk to the Techxperts" branding, merging all existing Dick Smith Electronics and Powerhouse stores under the same banner. In late 2008 the new Dick Smith logo and format was
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Dick Smith Electronics registered for business in New Zealand in 1981 and is believed to have opened a store the same year. In 1992, the company acquired and rebranded the retail business of David Reid Electronics, a similar chain that at one time consisted of about 30 stores. In some cases, this
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in 1996. These were several times bigger than regular stores at approximately 2,000 square metres (22,000 sq ft) and contained departments for the main product categories and supermarket-style checkouts. The "Powerhouses", as they were known, carried a wider range of products than the
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When the entire electronics business landscape was remodelled by the Whitlam government's across-the-board 25% tariff cut in 1973, for the loss of 138,000 manufacturing jobs, Smith moved with the market and met the competition with a re-emphasis on imported electronic components and finished
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retail stores in Australia and online. The venture traded under the banner "David Jones Electronics Powered by Dick Smith" and promoted televisions, computers, tablets, home office, audio-visual and other digital products, with employees and inventory transferred over to Dick Smith.
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boom of the 1970s and by the end of the decade had stores in all mainland states. Though many CB radio stores closed when interest waned at the end of the 1970s, Dick Smith Electronics thrived on exploding PC sales and its established electronic components and kit lines.
549:, as a "concept" under the branding "Dick Smith Technology". The store's design and product range was completely reworked incorporating a more modern feel while removing all electrical componentry and much of its tools. These products were replaced with a larger range of 758:, had acquired the Dick Smith brand, trademarks, intellectual property, and its online business in Australia and New Zealand for an undisclosed price. The Dick Smith brand has been transitioned to an online-only store selling a wide variety of consumer items. 451:. The Smiths sold the balance of the company's capital to Woolworths in 1982, the total transfer price coming to A$ 25million. The company continued to add to its network of small "main street" stores in suburbs and regional cities across Australia. 649:
On 31 January 2012, after nearly 30 years of ownership, Woolworths announced that after the results of a strategic review and a $ 300 million restructuring, it would close up to 100 Dick Smith stores and sell the business. The company was sold to
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Private-branding (as "Dick Smith" or "DSE") was introduced on a large range of products from the late-70s. Many DSE-brand products were re-branded versions of the same or similar products sold in parallel by their manufacturers.
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was offered. In late 2007, Powerhouse stores also transferred many other small components, tools, leads and connectors to small stores, continuing to distance the super-stores from the company's electronic enthusiast roots.
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methods, Smith introduced self-serve shopping, a breakaway from the longstanding counter-sales setup found in component sales at the time, and produced an annual mail-order catalogue with a substantial data section.
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amateur radio dealership was relinquished, ending a 27-year partnership. Electronic kits were transferred to the smaller DSE stores and were replaced by the short-lived appearance of small appliances such as
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Having failed to secure a buyer for the stores, receivers Ferrier Hodgson announced, on 25 February 2016, that all 363 DSE stores in Australia and New Zealand would be closed, with the loss of 2,460 jobs.
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would be gradually phased out over the next three years as the stores' leases ended. This phase left "Dick Smith" as the sole brand in the parent company's consumer electronics division.
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The company closed all of its stores in 2016, four years after its acquisition by Anchorage Capital Partners, though the Dick Smith brand name continues as an online brand operated by
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was an Australian chain of retail stores that sold consumer electronics goods, hobbyist electronic components, and electronic project kits. The chain expanded successfully into
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and taking provision for future onerous lease payments, a process described as "the greatest private equity heist of all time". In November 2012, Nick Abboud was appointed
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Though not connected with the company for 34 years, its founder Dick Smith expressed dismay at the closure and put it down to the "utter greed of modern capitalism".
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In 2002 and 2003, the Powerhouse concept changed to focus on a broader consumer market and less towards electronics enthusiasts. Component ranges shrank and general
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On 4 January 2016, with the value of shares in Dick Smith Holdings having fallen by more than 80% since they were listed on the ASX in December 2013, a
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The mail-order catalogue so central to the company's success from the early days was last published in 2009, giving way to the online sales platform.
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To ensure almost every electronic enthusiast in Australia had one of his catalogues, it was included free in the popular electronics magazines
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In early 2008, following Woolworths' review of its consumer electronics division, Dick Smith Electronics renovated its flagship store at
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areas, and introduced Music to the range. Some installation services were also introduced as well as Computer repairs and upgrading.
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In 1980, the company had grown to 20 stores and the founder and his wife sold 60% of the company's shares to large general retailer
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In New Zealand, Dick Smith Electronics had over 75 locations. They included the "Powerhouse" stores, the first of which opened in
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with a total capital of only AU$ 610 (equivalent to A$ 7500 in 2018). Initially, the business focused on installing and servicing
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The company promoted itself with wacky-style and Smith's own publicity stunts. For example, Smith claimed that he would tow an
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In 2012, Dick Smith had 263 stores around Australia. It also had 62 stores around New Zealand, including 20 in Auckland.
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confirmed the end of Powerhouse as a separate entity, also adding that the company's third consumer electronics brand
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A The Dick Smith Wizzard – a combination computer/video game console that was rebranded and sold through the stores
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The company expanded its product range, especially during the 1970s and 1980s, and stocked items such as the
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was requested. The following day, Dick Smith Holdings Limited (and associated entities) was placed into
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Inside the first Dick Smith concept store Hornsby DSE following its rebranding as Dick Smith Technology
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kit computer was developed as a joint venture between the company and Electronics Australia magazine.
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in 1978. It operated a small buying office and one retail store, at two locations in Ashley Road,
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From 1 October 2013, Dick Smith took over the operation of the home entertainment department in 30
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On 25 July 2016 Dick Smith Electronics' creditors placed what was then left of the company in
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that learns from what the users search for. The Powerhouse brand was discontinued in 2009.
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The logo used for Dick Smith Powerhouse stores before the branding was discontinued in 2009
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The late 1990s saw the company establish "Dick Smith Powerhouse" super-stores across the
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The business started in 1968 in a small $ 15-rent-per-week premises in a car park in the
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DSE's first foray offshore was the establishment Dick Smith Electronics (HK) Limited in
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The agony and the agony: Dick Smith's journey from private equity plaything to IPO
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computer game. The company was an early seller of telephone equipment including
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were appointed by the creditors. CEO Nick Abboud stepped down on 12 January.
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By the second half of 2014, sales were running at A$ 1.4 billion per annum.
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computers, much of which had previously been only sold in Powerhouse stores.
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and unsuccessfully into several other countries. The company was founded in
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This article is about the electronics retailer. For the food retailer, see
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From 1980, DSE operated a small number of stores in the United States, in
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meant that for a time two Dick Smith stores operated in the same suburb.
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Business institutions, stock exchanges, and associations in Australia
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Companies formerly listed on the Australian Securities Exchange
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skynews.com.au, AAP. 5 January 2016, Retrieved 6 January 2015
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Woolworths sells Dick Smith chain to buyout firm for $ A20m
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under new "Dick Smith – Talk to the Techxperts" branding.
1654:"Former Dick Smith CFO Michael Potts to pay $ 43M to NAB" 824:. A third brand "Dick Smith Technology" store opened in 423:
electronic kits, satellite TV receiving stations, Beeple
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cricket, a number of tennis tournaments including the
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The last physical retail stores closed on 3 May 2016.
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being rebranded to fit the new unified company logo.
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and owned by him and his wife until they sold 60% to
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Dick Smith’s $ 400m fall: how a retail icon stumbled
2253:"Tigers still searching for major guernsey sponsor" 828:, following the same Powerhouse product range. Its 644: 584:Newly branded Dick Smith outlet in the Sturt Mall, 2635:Australian Securities & Investments Commission 2024:Australian Securities & Investments Commission 1829: 1281:"Retailing Supernova: Dick Smith's new PowerHouse" 1927:"Dick Smith | The Best in Tech at Amazing Prices" 1735:. Australian News Channel Pty Ltd. 5 January 2015 476:smaller DSE stores, especially in the computing, 2891: 2620:Australian Competition & Consumer Commission 2330: 2038: 249:in 1980, and the remaining 40% two years later. 1759: 1414:"Woolworths sells Dick Smith to private equity" 569:rolled out with many Powerhouse stores such as 1838:"All Dick Smith stores will close by April 30" 1706: 2695:Australian Chamber of Commerce & Industry 2592: 2316: 2187: 989:"NZ Dick Smith stores start closing in April" 2213: 2211: 1334: 856:, but had closed by the end of the decade. 677: 2945:Australian companies disestablished in 2016 2910:Consumer electronics retailers of Australia 2566:Langton's Classification of Australian Wine 1586:Anchorage Capital, retrieved 5 January 2016 1523:"Dick Smith flat after underwhelming debut" 1386:"Woolworths to sell Dick Smith Electronics" 471:. The first Powerhouse store was opened in 2630:Australian Prudential Regulation Authority 2599: 2585: 2323: 2309: 1782: 1719: 1700: 1556:– National Business Review, 5 January 2016 1240: 2208: 1747: 2900:Australian companies established in 1968 2123:"Dick Smith to be put out of its misery" 1896: 1766:Janda, Michael Janda (12 January 2016). 986: 706: 579: 559: 532: 458: 344: 2940:Retail companies disestablished in 2016 2188:Koutsonikolas, Athena (1 August 2014). 1584:Investments-Dick Smith Holdings Limited 1305: 231:Dick Smith Electronics Holdings Limited 129:Online assets and branding acquired by 48:Dick Smith Electronics Holdings Limited 14: 2892: 2829:Price fixing in the packaging industry 2247: 2047:"DICK SMITH: A$ 260 million shortfall" 1835: 1595: 1383: 1028: 1026: 1013:"Store Locator - Dick Smith NZ Mobile" 750:On 15 March 2016 it was revealed that 711:A The Dick Smith Electronics store in 442: 27:Former Australian electronics retailer 2950:Defunct retail companies of Australia 2580: 2304: 1924: 1765: 1624: 1520: 1411: 1384:Gannon, Genevieve (31 January 2012). 1278: 972:. Dick Smith Holdings. Archived from 950:. Dick Smith Holdings. Archived from 739:by the company's board but receivers 2930:Retail companies established in 1968 2674:National Stock Exchange of Australia 2561:2006 Progressive Enterprises dispute 2044: 1981: 1412:Janda, Michael (27 September 2012). 1308:"Dick Smith to offer home tech help" 1032: 774: 2072: 1955: 1365:. Connected Australia. 9 March 2009 1253:(9). Sportsman's Market, Inc.: 46. 1023: 987:Hutching, Matthew (31 March 2016). 553:computers, gaming, televisions and 400:. The company also sold brand name 384:computer, which was a clone of the 312: 292:with flagship store nearby, on the 24: 2551:List of Woolworths Group companies 25: 2966: 2925:Electronic component distributors 2920:Video game retailers in Australia 2783:James Hardie asbestos controversy 2274: 1707:Eloise Keating (4 January 2016). 1565:Fickling, David (5 January 2016) 1306:Mcentee, Claire (27 April 2009). 1279:Banks, Terry (4 September 1996). 907:from 2008 until the end of 2011. 891:The company was a sponsor of the 754:, the online retailer founded by 735:. McGrathNicol were appointed as 662:In December 2013, Dick Smith was 380:Dick Smith Electronics own-brand 178:Electronics powered by Dick Smith 34:. For the company's founder, see 1625:Dagge, John (17 February 2015). 1596:Speedy, Blair (12 August 2013). 1476: 1175:: 10. March 1978. Archived from 843: 645:Acquisition by Anchorage Capital 591:"Large Format Stores" opened in 528: 491:books ceased to be stocked. The 53: 2646:Constitution of Australia, 1901 2241: 2181: 2159: 2137: 2125:. wares.co.nz. 26 February 2016 2115: 2089: 2066: 2008: 1975: 1949: 1918: 1897:Mitchell, Sue (15 March 2016). 1890: 1860: 1836:Tucker, Harry (30 March 2016). 1804: 1688: 1674: 1660: 1646: 1618: 1589: 1577: 1559: 1540: 1514: 1492: 1470: 1455: 1431: 1405: 1377: 1355: 1328: 1299: 1272: 1234: 1202:"The Super 80 Computer—at last" 1194: 1156: 859: 370:Electronics Today International 2790:and his self-owned restaurants 2758:Camperdown Dairy International 2669:Australian Securities Exchange 2073:Ong, Thuy (25 February 2016). 1521:Mason, Max (5 December 2013). 1130: 1105: 1079: 1051: 1005: 980: 936: 795: 668:Australian Securities Exchange 353:The company profited from the 267: 13: 1: 2715:Minerals Council of Australia 2710:Business Council of Australia 2700:Australian Hotels Association 1335:Chris Thorpe (3 April 2009). 1316:. Fairfax New Zealand Limited 1241:Nigel Moll (September 1992). 1059:"Leader's tariff cut blunder" 929: 454: 2935:Woolworths Group (Australia) 2915:Music retailers of Australia 2720:National Farmers' Federation 2332:Woolworths Group (Australia) 2045:Pash, Chris (13 July 2016). 1982:Pash, Chris (25 July 2016). 1727:"Dick Smith fears turn true" 895:nine-a-side tournament, the 779: 340: 7: 1904:Australian Financial Review 1215:(6–8). 1981. Archived from 910: 715:during the liquidation sale 537:Hornsby DSE, housed inside 10: 2971: 2738:Adelaide Steamship Company 2640:Australian Takeovers Panel 1842:Business Insider Australia 1754:Dick Smith fears turn true 1243:"Logbook – Lindy's legacy" 702: 652:Anchorage Capital Partners 262: 29: 2905:Companies based in Sydney 2864:Virgin Australia Holdings 2728: 2705:Australian Industry Group 2687: 2661: 2612: 2543: 2440: 2409: 2393: 2338: 1140:. DSE Ltd. Archived from 832:website had been using a 678:Alliance with David Jones 593:Chadstone Shopping Centre 288:, later Carlotta Street, 196: 186: 170: 160: 156:Australia and New Zealand 150: 136: 125: 117: 107: 99: 89: 71: 61: 52: 36:Dick Smith (entrepreneur) 2854:Teachers' Credit Society 2804:Masters Home Improvement 2648:(Cth) corporations power 2625:Australian corporate law 2510:Masters Home Improvement 1449:National Business Review 1138:"DSE Brand Range Search" 693: 2768:Firepower International 2729:Corporate controversies 2346:Woolworths Supermarkets 2147:. Reid Technology. 2016 729:National Australia Bank 727:by its major creditors 469:east coast of Australia 2368:Woolworths New Zealand 2358:Woolworths New Zealand 1925:Australia, Dicksmith. 1567:Who Killed Dick Smith? 1552:7 January 2016 at the 1443:9 January 2016 at the 999:MediaWorks New Zealand 882:Brisbane International 878:World Tennis Challenge 716: 588: 565: 542: 464: 429:The Dick Smith Wizzard 350: 38:. For other uses, see 18:Dick Smith Electronics 2688:Business associations 2679:Sydney Stock Exchange 2077:. Australia: ABC News 1770:. Australia: ABC News 1606:. News Corp Australia 1391:Sydney Morning Herald 1337:"You Don't Know Dick" 1209:Electronics Australia 1172:Electronics Australia 893:National Rugby League 710: 621:Stockland Rockhampton 583: 563: 536: 462: 364:Electronics Australia 348: 176:Dick Smith Powerhouse 2778:Great Southern Group 2653:Economy of Australia 2251:(24 February 2011). 1343:. UnderConsideration 1287:. IDG Communications 1091:The Museum of Hoaxes 1087:"The Sydney Iceberg" 976:on 23 February 2016. 954:on 25 February 2016. 918:Free Access Magazine 886:Sydney International 666:by Anchorage on the 439:and novelty phones. 386:Tandy TRS-80 Model I 165:Consumer electronics 2763:Dick Smith Holdings 2753:Bridgecorp Holdings 2394:General merchandise 2223:Dick Smith Holdings 1931:Dicksmith Australia 1713:SmartCompany.com.au 850:Northern California 733:HSBC Bank Australia 514:wireless networking 443:Woolworths takeover 188:Number of employees 49: 2834:Offset Alpine fire 2229:on 9 February 2015 2020:Insolvency Notices 1872:ferrierhodgson.com 1732:Sky News Australia 1670:. 29 October 2015. 1035:The Dick Smith Way 1033:Bain, Ike (2002). 864:DSE sponsored the 717: 670:(ASX), becoming a 589: 566: 543: 465: 433:answering machines 402:personal computers 351: 47: 2887: 2886: 2788:George Calombaris 2574: 2573: 2535:Thomas Dux Grocer 2530:Tandy Electronics 2475:Caltex Woolworths 2432:PFD Food Services 2167:"Store Locations" 2145:"Company History" 1477:Ryan, Matt Ryan. 1467:28 September 2012 1452:27 September 2012 1144:on 6 October 2011 775:Outside Australia 547:Westfield Hornsby 539:Westfield Hornsby 331:firefighting foam 228: 227: 192:3,300 (2015) 16:(Redirected from 2962: 2601: 2594: 2587: 2578: 2577: 2556:Everyday Rewards 2441:Former divisions 2351:Woolworths Metro 2325: 2318: 2311: 2302: 2301: 2296: 2295: 2293:Official website 2286: 2285: 2283:Official website 2268: 2267: 2265: 2263: 2249:Wilson, Caroline 2245: 2239: 2238: 2236: 2234: 2225:. 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Dick Smith NZ. 1009: 1003: 1002: 984: 978: 977: 962: 956: 955: 948:dicksmith.com.au 940: 822:Palmerston North 632:Michael Luscombe 571:Macquarie Centre 313:Publicity stunts 223: 220: 218: 216: 210: 207: 205: 203: 57: 50: 46: 32:Dick Smith Foods 21: 2970: 2969: 2965: 2964: 2963: 2961: 2960: 2959: 2890: 2889: 2888: 2883: 2874:Wayne Mansfield 2849:Storm Financial 2824:Poseidon bubble 2730: 2724: 2683: 2662:Stock exchanges 2657: 2608: 2605: 2575: 2570: 2539: 2453:Endeavour Group 2436: 2405: 2389: 2334: 2329: 2297:– (New Zealand) 2291: 2290: 2281: 2280: 2277: 2272: 2271: 2261: 2259: 2246: 2242: 2232: 2230: 2217: 2216: 2209: 2199: 2197: 2196:. 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Index

Dick Smith Electronics
Dick Smith Foods
Dick Smith (entrepreneur)
Dick Smith

Public
Traded as
ASX
DSH
Retail
Dick Smith
Kogan.com
Chullora
Consumer electronics
Move
www.dicksmith.com.au
www.dicksmith.co.nz
New Zealand
Sydney
Dick Smith
Woolworths
Kogan.com
Sydney
Neutral Bay
car radios
St Leonards
Artarmon
Pacific Highway
Gore Hill
merchandising

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