Dick Smith: ‘I Will Destroy Foreign Buyers’

Dick Smith’s founder has vowed to “rubbish” any foreign buyer of his electronics outfit, the sale of which was announced today.

Click to enlarge

Woolworths, who said today it would sell off the retail chain founded by entrepreneur and self made ‘Mr Australia’, Dick Smith, confirmed it had already received a number of potential offers, although stayed tight lipped on their identities.

But any foreign buyer wanting to snap up the (still profitable_ retailer would want to watch out as founder Smith will be on its case, he warned today.

“There will be a real problem if Woolworths do sell it to a foreign-owned company,” Smith told Fairfax Media, saying he would rubbish a non Aussie buyer “rubbish them the whole time.”
 
“I would just point out all the time that this is further destruction of Australia,” he continued.

Woolies announced the sale of the troubled retailer in a statement today, despite enjoying 3.1% growth in the 320 store chain over the past six months, although had hinted at a possible sale last November.

However, Smith did agree with Woolies’ decision, saying he was “amazed” the supermarket giant kept hold of it for so long.

“Once the growth is gone, which I think it has in that field, I can understand them selling it.”

Woolworths said Dick Smith was still profitable but wanted to focus on its mainstream supermarket activities but would still sell electronics via its Big W network.

“Dick Smith is an iconic speciality consumer electronics brand with a strong team and its own leading online presence.”

”We believe that separating this speciality business model from Woolworths is now the best option for the future of both businesses.”

“The future of Dick Smith, which is profitable…could be better realised through new ownership,” Woolies said in a statement.