Business Assignment

In: Business and Management

Submitted By lateesha
Words 4806
Pages 20
Business Studies Assignment:

By Lateesha M. Year 11.

Article 1:
“ DICK Smith has issued a spray at the private equity firm that floated the electronics store he founded, which is now in voluntary administration.
The outspoken entrepreneur said the previous owner, Anchorage Capital Partners, had “a lot of explaining to do” over its $520 million IPO, which he argued was drastically overvalued.
And he called on those who benefited to step up and guarantee customers the money they are owed for deposits, gift cards and undelivered goods.
“They most certainly should be refunded,” Mr Smith told “Some of the people who made a fortune out of the recent float, they should pay back those people who’ve put down deposits.
“The company could not possibly afford to be that indebted, or have that value on the market.”
Anchorage bought Dick Smith Electronics from Woolworths for $94 million in 2012, then floated it for $520 million just 15 months later.
With the troubled retailer now in administration, customers left out of pocket by Dick Smith’s meltdown have been lumped together with all its other unsecured creditors.
This means they are unlikely to recoup the full amount of what’s owed to them.
Dick Smith’s bankers have appointed Ferrier Hodgson as receiver, which plans to put the business on the market.

In a blow to customers, Ferrier Hodgson this morning released a statement confirming that it would not honour outstanding gift vouchers or refund deposits paid for goods.
But the firm said it would continue to pay Dick Smith’s 3300 employees and keep the chain’s 393 stores running during the restructure.

Mr Smith — who founded the business with just $610 — has not been involved in the running of Dick Smith since he sold it to Woolworths in 1982, but remains emotionally invested in his retail namesake.
“I am proud it’s gone for 47 years and…...

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