 |
| Important questions. |
A large number of corporate vultures are said to be circling the well and truly plucked Dick Smith chain which has left 3300 employees in 393 stores here and in NZ uncertain of their future.
The latest news is that a Dick Smith high flyer has stepped down .This blogger , unlike local reporters, visited several Dick Smith stores in Townsville to see what was happening and to explore the possibility of buying a camera . Neither shop had a camera in stock and each presented a hollowed out appearance. A member of the public commented it was a "bloody shame " what has happened to the business. In his comments on the crash , Dick Smith mentioned "greed".
The latest news is that a Dick Smith high flyer has stepped down .This blogger , unlike local reporters, visited several Dick Smith stores in Townsville to see what was happening and to explore the possibility of buying a camera . Neither shop had a camera in stock and each presented a hollowed out appearance. A member of the public commented it was a "bloody shame " what has happened to the business. In his comments on the crash , Dick Smith mentioned "greed".
There must be an investigation into this tragic state of affairs, involving the ASX, the float which made a bundle for those involved, then how the company was allowed crash soon after ... The founder of the business , the admirable Dick Smith , of course , is not involved with the company , having sold it to Woolworths years ago. The national grocery duopoly with its fingers in many other pies , could not run the business and sold it off to private equity firm Anchorage Capital Partners ,who floated it on the share market at $2.20 a share , valuing it at $520million . Now ,two years later, it is in the hands of receivers called in by a syndicate of lenders including National Australia Bank and HSBC. The receivers have inflamed thousands of gift cardholders and voucher holders by saying they will not honour them or refund deposits on goods .
Dick Smith's magazine featured here raises valid questions about many Australian issues ... extreme capitalism and endless growth , our future population , Australian ownership. Other matters of interest for Australia are asset stripping of companies , shorting the market-and the world (see The Big Short Inside the Doomsday Machine by Michael Lewis which exposes Wall Street) , creative prospectus writing .
Dick Smith's magazine featured here raises valid questions about many Australian issues ... extreme capitalism and endless growth , our future population , Australian ownership. Other matters of interest for Australia are asset stripping of companies , shorting the market-and the world (see The Big Short Inside the Doomsday Machine by Michael Lewis which exposes Wall Street) , creative prospectus writing .
