Home Industry Deals Dick Smith and Woolworths divorce complete

Dick Smith and Woolworths divorce complete Featured

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.

FREE WHITEPAPER - REMOTE SUPPORT TRENDS FOR 2015

Does your remote support strategy keep you and your CEO awake at night?

Today’s remote support solutions offer much more than just remote control for PCs. Their functional footprint is expanding to include support for more devices and richer analytics for trend analysis and supervisor dashboards.

It is imperative that service executives acquaint themselves with the new features and capabilities being introduced by leading remote support platforms and find ways to leverage the capabilities beyond technical support.

Field services, education services, professional services, and managed services are all increasing adoption of these tools to boost productivity and avoid on-site visits.

Which product is easiest to deploy, has the best maintenance mode capabilities, the best mobile access and custom reporting, dynamic thresholds setting, and enhanced discovery capabilities?

To find out all you need to know about using remote support to improve your bottom line, download this FREE Whitepaper.

DOWNLOAD!

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.

Connect