Dick Smith has spoken out about the collapse of his former stores… 7



View Profile

Much-loved Aussie entrepreneur Dick Smith has said he’s “incredibly angry” at the investment firm which bought his former electronics store.

Anchorage Capital has been accused of “floating” the value of Dick Smith electronics stores. They were originally sold for $94 million, and then valued at $520 million just over a year later.

“I wouldn’t look at buying back the (Dick Smith) name but I’m incredibly angry about the utter dishonesty of Anchorage Capital”, the man himself said.

“I’m angry that these greedy bankers have destroyed a business that could have kept going for a long time”, Dick Smith added. “This is a completely unnecessary collapse that has been driven by greed”.

Dick Smith is disappointed that many Aussie employees will now lose their jobs. “The staff could still be there, if (Anchorage Capital) didn’t have this ridiculous, never-ending growth strategy”, he said.

The 71-year-old also said that investors got too greedy, and forgot to actually take care of their customers. “When I owned Dick Smith it was a company selling electronic components”, he said.

“I’m very proud that a business I started with $610 has lasted for 48 years and employed thousands of people”, said the businessman turned philanthropist.

Dick Smith electronics will now be entirely shut down, after the receivers Ferrier Hodgson failed to find a suitable buyer for the once-great electronics chain.

Are you sad to see the end of Dick Smith electronics? Do you think investors got greedy, and forgot to continue the good work of Dick Smith himself?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. I feel for Dick very much so, he is a very good Honest man , more than what I can say about Anchorage, so much greed in this world , and greed kills everything,
    Chin up Dick Smith

  2. If they had stayed with radio componets, antennas etc they would have been okay. Every man and his dog are into computors and the lastest fad gadgets. Sorry for Dick

  3. This is what is happening globally with a number of institutional businesses. Stop the ‘free trade agreements’ and start regulating any investment conglomerate…..these guys will do to Australia what the banks did to the globe in theGFV!

  4. Electronics Australia Magazine would publish projects. Early 1970’s I built my own sterio amplifier and graphic equalizer, all components bought from Dick Smiths. Soon after Woolworths bought it they stopped supplying components, it became just another store.

  5. where is the Royal commission into these “bankers” who rape companies & put people out of work. It will be interesting to see if there is enough funds left to pay staff their FULL entitlements and superannuation commitments. If not, heads should roll in court, not just a slap on the wrists. The bankers inflated the figures to sell the company & reaped massive profits. if there is any shortfall they should stump up the shortfall, but this federal government rely on crooks like these people to remain in office.

  6. Yes, unfortunately “GREED” is the basis for all businesses these days. Banking institutions are only interested I their share holders and and not in in the customers and “core” reasons for their existence. The long term strategies are out the window. “Make as much as you can as fast as you can” and be damned. Shamefull way to operate. Dick, I would feel pissed as you do for the incompetence of these types of market controllers.

Leave a Reply

Your email address will not be published. Required fields are marked *