Dick Smith sold to private equity firm

Leigh Harris
Dick Smith sold to private equity firm

The entire Dick Smith Electronics chain, its brand and its 325 stores, has been sold by Woolworths to a private equity group.

The ABC is reporting that the sale cost AUD$20 million, with the deal set to be completed by later this year.

DSE has always had a conservative relationship with the games industry, stocking primarily PC titles and having a huge fire sale in April this year.

The sale caused a backlash from consumers due to incredibly short supply and rumours of staff receiving priority access to the very limited stock, which led to Dick Smith re-confirming that it would indeed be stocking games moving forward, although its market share remains quite modest compared to its presence a decade ago.

The Dick Smith re-structuring last year reportedly cost Woolworths AUD$420 million. The sale goes to Achorage Capital Partners. Woolworths has been looking to sell the tech chain since early this year.

DSE current employs around 4500 people.

 

To register for the MCV Pacific News Digest, head to the registration page: http://www.mcvpacific.com/user/index/register/journey/register

 

 

Advertisement

Tags: Retail , acquisition , sale , woolworths , Dick Smith Electronics , Anchorage Capital Partners

Follow us on

  • RSS