Home Industry Deals Dick Smith and Woolworths divorce complete
Dick Smith and Woolworths divorce complete Featured

Subscribe now and get the news that matters to your industry.

* Your Email Address:
* First Name:
* Last Name:
Industry:
Job Function:
Australian State:
Country:
Email marketing by Interspire
weebly statistics

Dick Smith's messy separation with Woolworths is now fully finalised, with the two companies announcing today that Dick Smith no longer has any financial obligations to its former partner.

Anchorage Capital Partners and Mangement, led by Nick Abboud, today said it completed a release from the financial obligations of Dick Smith to its former partner Woolworths.

The buyout coincides with the Phase 1 completion of Dick Smith’s turnaround initiative which Anchorage Capital said has increased operational efficiency, profit margins and growth, since the initial takeover from Woolworths in 2012.

Nick Abboud, CEO of Dick Smith Australia and New Zealand, was bullish about the company's future prospects.

“This is a very exciting day for Dick Smith - one that we have been working towards since Anchorage first came on board," he said.

"The Dick Smith business is in a strong financial position with cash in the bank and no net debt. Based on Dick Smith’s performance over the last six months we are confident the business will continue to experience positive growth and performance as a major player in the Australian consumer electronics industry.”

“Dick Smith is committed to helping consumers get the most out of their technology and that starts in store. In the coming months we will be announcing a number of exciting initiatives that will see major changes to customers’ retail experience and an expansion of Dick Smith’s footprint throughout Australia and New Zealand.”

The purchase initially took place on 27 September 2012, for $20 million.

Dick Smith himself sold the business to Woolworths for $20 million back in 1982, and the business still retains his name in the business title to this day.

PROTECT YOURSELF AGAINST BANDWIDTH BANDITS!

Don't let traffic bottlenecks slow your network or business-critical apps to a grinding halt. With SolarWinds Bandwidth Analyzer Pack (BAP) you can gain unified network availability, performance, bandwidth, and traffic monitoring together in a single pane of glass.

With SolarWinds BAP, you'll be able to:

• Detect, diagnose, and resolve network performance issues

• Track response time, availability, and uptime of routers, switches, and other SNMP-enabled devices

• Monitor and analyze network bandwidth performance and traffic patterns.

• Identify bandwidth hogs and see which applications are using the most bandwidth

• Graphically display performance metrics in real time via dynamic interactive maps

Download FREE 30 Day Trial!

CLICK TO DOWNLOAD!

ITWIRE SERIES - IS YOUR BACKUP STRATEGY COSTING YOU CLIENTS?

Where are your clients backing up to right now?

Is your DR strategy as advanced as the rest of your service portfolio?

What areas of your business could be improved if you outsourced your backups to a trusted source?

Read the industry whitepaper and discover where to turn to for managed backup

FIND OUT MORE!

David Swan

David Swan is a tech journalist from Melbourne and is iTWire's Associate Editor. Having started off as a games reviewer at the age of 14, he now has a degree in Journalism from RMIT (with Honours) and owns basically every gadget under the sun. He also writes for Junkee and Fasterlouder. You can email him at david.swan@itwire.com or follow him at twitter.com/mrdavidswan

Connect