Press Coverage


  • SMH - Business Day

    The corporate watchdog is closing in on failed retailer Dick Smith as it digs into the stocks write-down, profit downgrades and desperate discounting of the company's final months to build a picture of the demise of the once iconic chain.

  • Financial Review

    Electronics companies and bargain hunters interested in buying Dick Smith will receive formal sale documents on Wednesday, as receiver Ferrier Hodgson goes about drumming up interest in the business. Sources told Street Talk that Ferrier Hodgson would release an information memorandum to serious tyre-kickers Wednesday, and seek formal expressions of interest by January 27. Read more: Follow us: @FinancialReview on Twitter | financialreview on Facebook


    AUSTRALIAN entrepreneur Dick Smith says he will consider funding a class action against Anchorage Capital Partners, the private equity firm which floated his former company on the stock market in 2012. Mr Smith said Anchorage, which made hundreds of millions in the purchase from Woolworths and subsequent stock market listing, lacked “morality and decency”, The Australian reports. He has also demanded refunds for customers holding now-worthless gift cards.

  • Sunshine Coats Daily

    RECEIVERS and managers for Dick Smith Holdings, which was placed into voluntary administration last week, have revealed creditors are owed approximately $390 million. Secured creditors are owed approximately $140m and unsecured creditors owed approximately $250m, receivers James Stewart, Jim Sarantinos and Ryan Eagle, of Ferrier Hodgson, said in a statement today. The news comes with the announcement that Dick Smith CEO Nick Abboud tendered his resignation last night, effective immediately.

  • Retail Biz

    Dick Smith’s public crisis came to an abrupt end late yesterday when the company’s lead bankers, NAB and HSBC appointed James Stewart from Ferrier Hodgson as receiver. The company, overwhelmed by debt and unable to pay suppliers to secure stock, then called in McGrathNicol to act as its voluntary administrator. In a statement to the Australian Securities Exchange late yesterday, January 4, Dick Smith Holdings chairman Rob Murray bluntly laid out the circumstances which bought down the iconic retail brand.

  • The Australian

    Dick Smith’s two-year life as a ­listed public company came to an ­abrupt end last night when the banks appointed a receiver to the company and the troubled retailer appointed a voluntary ­administrator. The company’s lead bankers, NAB and HSBC, appointed James Stewart from Ferrier Hodgson as receiver and McGrathNicol will act as the company’s administrator. Dick Smith is expected to ­confirm the appointments this morning. The company will now be formally wound up in a process aimed at maximising returns for the banks.

  • Smart Company

    The chief executive of Dick Smith has opened up about the rapid transformation of the consumer electronics brand, revealing the extent of the changes that took place from the time private equity outfit Anchorage Capital purchased the company to its float on the Australian Stock Exchange 12 months later. Speaking at the Australian Private Equity and Venture Capital Association (AVCAL) Alpha conference in Melbourne on Thursday, Nick Abboud says he has big plans for the Dick Smith chain, which Anchorage bought for $20 million in November 2012 and floated with a market value of $520 million in November 2013.

  • ASIC

    Dick Smith Holdings Ltd (ASX:DSH) (Dick Smith) is a large electrical goods retailer, operating approximately 390 stores across Australia and New Zealand under four brands, Dick Smith, Electronics powered by Dick Smith, Move and Move by Dick Smith. On 4 January 2016, the board of directors of Dick Smith appointed Joseph Hayes, Jason Preston, William Harris and Matthew Caddy of McGrathNicol as voluntary administrators. Following this appointment, a syndicate of lenders, which hold security interests over Dick Smith and a number of associated entities, appointed James Stewart, Jim Sarantinos and Ryan Eagle of Ferrier Hodgson as receivers and managers.


  • Forager Funds Management

    Want to know how to turn $10m in to $520m in less than two years? Just ask Anchorage Capital. The private equity group has pulled off one of the great heists of all time, using all the tricks in the book, to turn Dick Smith from a $10m piece of mutton into a $520m lamb. Having spent the morning poking through the accounts, we’re going to show you how it all happened. Firstly, Anchorage set up a holding company called Dick Smith Sub-holdings that they used to acquire the Dick Smith business from Woolworths. They say they paid $115m, but the notes to the 2014 accounts show that only $20m in cash was initially paid by the holding company.


  • Startup Smart

    Woolworths today revealed it is selling Dick Smith Electronics to an Australian private equity firm for $20 million. The sale of Dick Smith to Anchorage Capital Partners ends an eight month search for a buyer for the beleaguered electronics chain which recorded a pre-tax profit of $26.8 million in 2011, down 14.9% over the past year. Analysts had speculated Dick Smith could fetch anywhere between $10 million and $50 million.