ACCM4600 Report: Analyzing the Collapse of Dick Smith Holdings

This report, prepared by Girlie Aquino Candelaria, provides a comprehensive analysis of the collapse of Dick Smith Holdings, an Australian electronics retail giant. The report, commissioned by GAC Business Advisory and Consulting Ltd, details the key factors contributing to the company's downfall, in...Read More

Letter of transmittal
16 April, 2019
Mr Lorenzo Ian Scott
Managing Director
GAC Business Advisory and Consulting Ltd
Melbourne, Australia
Dear Mr Scott:
Enclosed is the business report which you have commissioned on 20th of May 2019 regarding the
study of the collapse of Dick Smith Holdings, an electronics retail giant in Australia.
The report has disclosed relevant facts and figures that further explain the reasons for the
downfall of Dick Smith Holdings. However, during the course of this report the following key
points were highlighted in this research:
1. Incompetence in terms of corporate strategic planning
2. Poor inventory management
3. Misconduct and overvaluation
4. Reliance on discounts and rebates
5. Fabricated accounts
6. Weakness in corporate governance
In my research, I have set a high standard of review and indulged in an exhaustive analysis.
The research has been conducted with the help of academic journals and prints that relates to
Dick Smith. Furthermore, relevant references have been disclosed to support my findings,
analysis, and conclusions.
Finally, I am grateful that you have entrusted me to provide a research report on Dick Smith
Holdings. It is indeed my pleasure and appreciation to study such subject and its relevance in
the pursuit of my career.
Kind regards,
Girlie Aquino Candelaria
Graduate Accountant
i
: Part 2: Final Business Report Girlie Aquino
Candelaria
GAC Business Advisory and Consulting Ltd
Melbourne, Australia
phone: [phone]
website: www.gacinaustralia.com.au
email: [e-mail]

1
Part 1: Evaluating Information Resources and Research Plan Girlie Aquino
A research study on the collapse of Australia’s
Electronic retail giant – Dick Smith Holdings Ltd.
Title page

2
Table of contents
Letter of transmittal............................................................................................................................. i
Title page............................................................................................................................................. ii
Table of contents............................................................................................................................... iii
List of figures and tables................................................................................................................... iii
Executive Summary........................................................................................................................... iv
1.0 Introduction................................................................................................................................... 1
1.1 Background................................................................................................................................ 1
1.2 Purpose of research.................................................................................................................. 1
1.3 Scope and limitation.................................................................................................................. 2
1.4 Research methodology............................................................................................................. 2
1.5 Definition of terms.....................................................................................................................2
1.6 Assumption................................................................................................................................ 2
2.0 The collapse of Dick Smith Holdings..........................................................................................3
3.0 Strategic Planning Errors............................................................................................................. 4
3.1 Inventory mismanagement.......................................................................................................4
3.2 Misconduct and overvaluation.................................................................................................4
3.3 Massive promotion of rebates & discounts.............................................................................5
3.4 Fabricated accounts.................................................................................................................. 5
3.5 Corporate governance.............................................................................................................. 6
4.0 Lessons to learn from breakdown...............................................................................................7
5.0 Appropriate strategy in managing the business........................................................................8
6.0 Conclusion.................................................................................................................................... 9
7.0 Recommendation........................................................................................................................ 10
8.0 Appendices.................................................................................................................................. 11
9.0 REFERENCES.............................................................................................................................. 16
10.0 Feedbacks................................................................................................................................. 19

3
List of figures and tables
Figure 1: Share of Australian Electrical market..............................................................................11
Figure 2: DSF vs ALDI...................................................................................................................... 11
Figure 3: Downfall of Dick Smith.....................................................................................................12
Figure 4: Inventory and Debt............................................................................................................13
Figure 5 Massive fall of DSF............................................................................................................. 13
Figure 6: Dick Smith Advertising.....................................................................................................14
Figure 7: Inventory balance of DSF.................................................................................................14
Figure 8: Projection of what went wrong........................................................................................15
Figure 9: The downfall of DSF..........................................................................................................15

4
Executive Summary
It is important to understand the failure of the business because it helps in the identification of the
pitfalls and leads to a better course of understanding for others. The study concentrates on the
downfall of Dick Smith that was a pioneer in the Australian retail stores. The iconic retailer failed due
to a number of internal and external factors and the same has been discussed in the report. Further,
the report evaluates all the unethical proceedings and other circumstances that have led the
organization to suffer such downfall. The paper emphasizes on the factors that led to the failure. The
main reasons for collapse have been studied in an in-depth manner to provide a better presentation
and to highlight it for further researchers. The report initiates with the introduction where Dick Smith
holdings is introduced and the problems are depicted that is faced by major profitable companies
owing to mismanagement. It is followed by the research part and the downfall of the organization. The
down fall of the organization speaks about reasons for the fall of the organization. The main reasons
observed for the downfall of the company comprises of misinterpretation of the financial statements,
mismanagement in the organizational structure, purchase of inventories to increase expansion,
irrelevant selection of products and increasing debts of the organization. Further, an insight into the
strategic planning error is described in an exhaustive manner entailing brief details of the same and
with proper reasons. By emphasizing on the entire study, there were many lessons learnt from it such
as the role of Anchorage capital was prominent in the downfall, executives and directors were
involved in unethical practices, the presence of a weak corporate governance system, etc. In
concludes on a note that the failure was collective in nature and corporate integrity was missing that
led to the entire downfall.

5
1.0 Introduction
It has been observed that corporate integrity is very important to maintain the stability of an
organization. The collapse of the company Dick Smith holdings depicts the problems that can be
faced even by profitable companies if any kind of miss-management takes place within the
organization. The company was facing problems of liquidation from 3 years because of its flotation
trends. The downfall of the market also has suggested that the market capitalization was not
appropriate to maintain proper revenue margins which were generated under Woolworths. The
situation of the organization was very unrealistic because of the liquidation problem arising. These
problems have not only made it severe for the investors, employees, and suppliers of the organization
but also other stakeholders were observed to have a financial downturn (Foye, 2016). The report
evaluates all the unethical proceedings and other circumstances that have led the organization to
suffer such downfall. (See Figure 1 Share of Australian Electrical market)
1.1 Background
The case of Dick Smith failure and collapse is one of the illustrious cases in Australia. The factors that
were attributed to the failure is the cyclical factors that are present in the company mainly in the area
pertaining to the weakness in sales and a limitation on the skills to finance the management of
inventory. Further, there were others structural company specific factors that played a leading role
such as the area of weak corporate governance, arrangement and lack of transparency in financial
reporting.
In this paper the major emphasis is on the factors that led to the failure. To do this, the collapse has
been studied in various parameters such as inventory mismanagement, misconduct and
overvaluation, massive promotion of rebates and discounts, fabricated accounts and corporate
governance issues.
1.2 Purpose of research
Identification of the failure of the company enables the policymakers to know the underlying drivers of
the cycles of the business. As a matter of fact, corporate failure need to be a vital channel through the
process of weak demand and services gets transformed into lower output and employment at the time
of recession, mainly if the costs exists in the form of shifting labor and capital from failed firms to the
firms that are surviving.

6
1.3 Scope and limitation
The report provides an in depth knowledge and detailed view of the failure of Dick Smith Holdings.
The failure of the business has been dealt in the research in an exhaustive mechanism. Therefore,
the report provides a valid and sound overview for the learners. The only limitation that the research
comprises is the fact that research tends to be secondary in nature and based on the research that
has already been done.
1.4 Research methodology
The research in this report is done with the aid of important articles, journals and websites that
pertains to the corporate failure and Dick Smith failure. The data is gathered with the help of
secondary data source. The method involves studying real experiences of the researchers and then
applying in the study of the report. The design choice of the report is to select the data from
secondary sources because various researches have already been done in the segment and those
reports can be used in an effective manner to provide a valid response.
1.5 Definition of terms
Corporate governance – the ability of the board to handle the affairs of the company in a manner that
will enhance the overall return
Fabricated accounts – to create a rosy picture of the accounts to attract the investors
1.6 Assumption
The research is based on the premise that the downfall of the organization happened owing to the
various mechanism described that is weakness in sales and a limitation on the skills to finance the
management of inventory. Other areas that even added to the issues were rebates and discounts,
fabricated accounts and corporate governance issues. However, there were many small issues that
could not be covered or were not observed owing to the severity.

7
2.0 The collapse of Dick Smith Holdings
There were many questions arising in terms of accounting profession after observing the downfall of
the organization. There were several accounting misstatements in the organization because of which
the group field in conducting its operation. It is also very important to judge the accounting treatment
of rebate because of one of the most questionable factors that may have led the company to observe
this downfall. The auditing and accounting team of the organization while treating rebates in a manner
which resulted in inflated earnings because of which overstatement of performance was being
detected in the financial statements (Foye, 2016).
The misinterpretation of the financial statements of the company has not only resulted in its downfall
but also violated several international financial reporting standards and principles. It was revealed by
several international organizations and regulators that the quality of audit that was being conducted by
the accountants was not good in nature because of which the company may have faced the collapse.
Also, the international organizations were not satisfied with the fact that the organization was not able
to understand the drawbacks that were present in the quality of the audit.
The mismanagement in the organizational structure, purchase of inventories to increase expansion,
irrelevant selection of products and increasing debts of the organization were also very important
factors that may have led the organization to observe this downfall. There were several violations
between the organization and banks borrowing agreements because of which inconsistent decision-
making tasks were conducted (Thimsen, 2018). Also, an increase in the rebates was observed
because of which the consumer demand was drastically affected. (See Figure 2: DSF vs ALDI)

8
3.0 Strategic Planning Errors
It was observed that the management strategies that were being employed by the organization
deliberately manipulated the earnings because of which an illusion was created where the figures
were aligned to the goals and targets. These practices are generally conducted in order to fulfill
personal income urges. There were several other management actions because of which the downfall
of Dick Smith group was observed: (See Figure 3: Downfall of Dick Smith)
3.1 Inventory mismanagement
Inventory management in Dick Smith group: it was observed that the organization had various type of
inventory issues because of which MS interpretation of the total stock was observed. in the second
half of 2015 and the end of November it was stated by the company that it will value its inventory by
20% less than the stated value which is being mentioned in the accounts. Also, it was observed that
the company was not able to fulfill the sales target because of which it declared a clearance sale by
decreasing the prices of its old stock by 70% (Low, 2016). There were several other marketing
techniques discovered by the organization which could help it to find an alternative funding source
that could have supported the company for the short term in order to meet the inventory targets for
few weeks (Zhou, 2016). These inefficient decisions in the management of organization have not only
resulted in it to clear the excess old inventory but also have resulted to face several other issues that
have financially affected it to acquire new stocks. (See Figure 4 Inventory and Debt)
3.2 Misconduct and overvaluation
Private equity floats are not considered the way it seems- the private equity group of Anchorage
capital had a history with the organization which may have led to the downfall. It was observed that
the businesses of the organization were being purchased by the Anchorage group which floated it
within the Australian securities exchange so that the organization can have an increased cash flow
and profitability (The Dick Smith group, 2016). There were several other reforms that were being
conducted by the organization in order to improvise the cash flow of the company that could have
further helped it to grow internationally (Husband, 2011). This has also resulted in the organization to
claim an initial public offering which was highly overvalued. All these values and figures in the
financial statements of the organization were irrelevant in nature because of which the company was
observed to collapse. (See Figure 5 Massive fall of DSF)

9
3.3 Massive promotion of rebates & discounts
Consumer service matters within the competitive market- it was observed that the organization was
trying to provide its clients and customers with proper online services but was not able to fulfill their
needs properly. Massive rebates and discounts were offered to attract the customer but to no avail
(Robertson, 2016). It was also observed that the customers complained about the goods not getting
delivered at time and that the customer service was not proper because of which the complaints were
not being addressed accordingly. The inconsistent behavior of the organization in such basic and
fundamental tasks of management has resulted to observe such downfall. There were several
inquiries being conducted in the market in relation to the decreasing share values of the organization
(Parker, 2016). The cash receipts were also insufficient because of which the commitments were not
being addressed properly. The excessive dependence on the discounts given on the inventory
purchases has also resulted in mismanagement of the organizational tasks (The Dick Smith group,
2016). Also, the increased discounts were observed to clear the stocks that destroyed the profit
margin being attained by the organization. (See Figure 6 Dick Smith Advertising)
3.4 Fabricated accounts
The falsification of the revenue margins of the organization by the use of unethical accounting
practices was being conducted by the Anchorage capital group. Several changes in the balance sheet
and the profit and loss statement of the accounts were being made because of which favorable
financial state of the organization was being depicted on paper but was actually creating a situation of
unfavorable liquidity position for the company in real life (Low, 2016). Other changes in the balance
sheet by reduction of inventory from warehouses and non-replacements of other goods have to lead
to an unfavorable position for the organization where it was suffering from various kinds of liquidity
problems (Deegan, 2011). The expansion of the business operations by opening new stores and
acquisitions with the help of prospective investors has not only helped to grow financially but also
have consolidated the trust of stakeholders. It was observed that encourage capital group was trying
to create a false perception of the organization that could have helped it to unethical increase the
market price of the equity shares of the company (The Dick Smith group, 2016). (See Figure 7
Inventory balance of DSF)
It was observed that the Anchorage capital group was trying to ensure that the company shall make a
profit after disposing of its stakes that were present in the Dick Smith holdings. Therefore, various
strategic decisions and corporate policies were implemented by the holding company that could have
eventually increased the profit margin in the short term but harmed the financial performances in the

10
future (Jones, 2016). Also, the holding company was observed to dispose of 80% of its take by the
end of the year 2013 and the remaining by the year 2014 so that it can remove all the states from the
Dick Smith organization. Later, the disinvestment of the Anchorage capital resulted in the severe drop
in the market prices of dick Smith group because of which the organization faced a huge loss (Tracy,
John & Tracy,2014. pp. 129)
3.5 Corporate governance
Inadequate corporate governance structure not only led it to falsify the annual reports of the
organization but also declined the financial strength of the company because of which decline was
noticed in the stock prices as a whole (Osuala, 2015). The misstatements and irregular management
techniques opted by the executives of the organization resulted in its downfall. After considering all
the activities of the organization it was observed that the policies that were being undertaken by
anchorage capital were determined for long term growth prospects. The activities carried out by
Anchorage capital helped it to fulfill its objective by inflating the profit margins of the organization in
the financial statements but have led the organization to make use of unethical practices because of
which it was questioned for its administrative structure. There were many compromises made upfront
in terms of payments that were being pledged to Woolworths. Also, Anchorage capital was observed
to increase the valuation of the company by over 5 times using the flotation techniques in the
Australian stock exchange market with the market capitalization of over $524 million (Dicksmith
Corporate Governance, 2015). The flotation of the organization in the Australian stock exchange
market within the first year of acquisition clearly showcased the growth of the organization on paper
which has further led it to face several repercussions in the industry. Writing off the prices of several
products and selling them at discounted prices has also led the organization to falsify several
transactions in the income statement (Dick Smith Corporate Governance, 2015).

11
4.0 Lessons to learn from breakdown
The loss faced by the organization resulted in a situation of unrest where all the senior executives and
the directors of the company were being criticized.
 Flotation of prices
The loss that was faced by the organization because of the flotation of prices inflated profits couldn't
have been treated without proper help of the directors (Davies & Crawford, 2012). It was also
observed that very few executives were trying to pressurize the external auditors for not ignoring any
kind of discrepancies or misstatements present in the financial statements of the organization. Hence,
it can be stated that though Anchorage capital group was involved in the downfall of the organization
still the senior executives and directors were also involved because without their help these unethical
corporate practices couldn't have been successfully administered. Also, the decision of flotation of the
company’s stock in the Australian stock exchange market was not being undertaken by Anchorage
capital group because it needed adequate support from the board of directors of the organization,
because of which it can be stated that the executive directors of the organization were involved in
these unethical practices (Clendinnen, 2016).
 Failure of the Board & Governance
The senior management of the organization and board of directors were observed to fail to fulfill their
duties and thus weaken the capital structure of the organization which inflated the revenue margins on
paper. The economist clearly stated that the corporate governance structure of an organization should
try to prevent it from conducting any unethical task (Chung, 2016). However, the corporate
governance structure of the Dick Smith group was vulnerable in nature because of which various
suspicious financial and managerial activities were being conducted in the organization. All the
responsibilities are on the shoulders of executives and directors of the organization who are needed
to decide the pattern of decision making the task so that the organizational goals can be achieved
with the help of ethical measures (Oshry et. al, 2010). (See Figure 8: Projection of what went wrong
and Figure 9: The downfall of DSF)

12
5.0 Appropriate strategy in managing the business
The organization should try and maintain its financial statement in accordance with the accounting
principles so that they can be easily evaluated at the time of the audit. All the calculations that are to
be conducted in the financial statement should be made in accordance with the accounting rules and
regulations (Tarantino, 2011). As per Beuker (2016) a certain code of ethics should be followed while
maintaining the accounts and the company should provide all the material facts so that an ethical
report can be made.
The organization should let external auditor act neutrally on the report so that any kind of
discrepancies present in the financial statement of the organization can be incorporated (Gaughan,
2011. pp. 12). The auditor is said to represent the public because the report which will be presented
by him will not only help the board of directors of the organization but also the stakeholders who have
invested in the company (Morris, 2016). Hence, a certain code of ethics should be followed by the
auditor while conducting the audit process.

13
6.0 Conclusion
After the clear analysis of the policies of Anchorage capital group and Dick Smith group, it can be
clearly observed that the market was inflated in order to present an increase financial position as an
illusion. The corporate integrity present in the organizational structure of the Dick Smith group was
vulnerable in nature. The financial statements of the organization for also not prepared carefully
because of which unfair practices were being conducted by the organization. various kind of material
disclosures in terms of financial figures for not being presented in the financial statements of the
organization because of which a highly favorable profit margin was being observed during the first half
of year but later the stock price reduced with the fall of 80%. The short-term decisions that were being
taken by the Anchorage capital group for or organization resulted to dispose of itself in the Australian
stock exchange market which further created a financial turmoil for the investors after Anchorage
capital group removed its stake from the company (Berry, 2017). Hence, it was very important for the
organization to review the activities of the executives and directors so that the employees, suppliers,
creditors and other stakeholders could have been saved from such financial repercussion. Hence, it is
clear from the study that the accounting theory, as well as accounting practices goes hand in hand
and is an integral part of the organization. Coming to the point of Dick Smith it has been observed that
there was a collective failure that led to the downfall of the entire organization.

14
7.0 Recommendation
Overall, it can be recommended that Dick Smith would have done better as compared to the
performance. For this, it was essential that the company should stress upon the practice of the correct
accounting policy. It is imperative from the study that the business should focus on the true income of
the accounting assets and this will help in framing strong business decision. When it came to the
adoption of the accounting plan along with the surplus earning, it was essential that the normal theory
was followed that would have eased the process of decision making. Adoption of the normative theory
would have saved Dick Smith from entering into deals that lead to instability and downfall of the entire
business.

15
8.0 Appendices
Figure 1: Share of Australian Electrical market
Figure 2: DSF vs ALDI

16
Source:Supplied (Thomsen, 2018)
Figure 3: Downfall of Dick Smith
(Zhou, 2016)
Figure 4: Inventory and Debt

17
(Clendinnen, G 2016)
Figure 5 Massive fall of DSF
(Beukes, P, 2016)
Figure 6: Dick Smith Advertising

18
Figure 7: Inventory balance of DSF
(Graham, C 2016)
Figure 8: Projection of what went wrong

19
(Retail Intelligence, 2017)
Figure 9: The downfall of DSF
(ICP, 2017)

20
9.0 References
Berry, P 2017, Former Dick Smith executives and directors sued over company collapse, News Pty
Ltd, viewed 16 April 2019, <https://www.news.com.au/finance/work/leaders/former-dick-smith-
executives-and-directors-sued-over-company-collapse/news-story/
37d2a08d574b15318dcf7ede0caf0d71>
Beuker, P 2016, ‘So what really happened to Dick Smith?, viewed 10 May 2019,
<https://mpk732t12016clustera.wordpress.com/2016/04/08/so-what-really-happened-to-dick-smith/>
Chung, F 2016, ‘DICK Smith had too much crap that it couldn’t sell, viewed 10 May 2019’,
<http://www.news.com.au/finance/business/retail/mcgrathnicol-releases-dick-smith-report/news-
story/c2897a8cf8023b3f7490b7f16c2781c2>
Clendinnen, G 2016, ‘The Greed And The Christmas ‘Knock Out Sale’ That Finally KO-ed Dick Smith’,
viewed 10 May 2019, <https://newmatilda.com/2016/01/14/staggering-greed-and-a-christmas-knock-
out-sale-finally-ko-ed-dick-smith/>
Coetsee, D 2010, ‘The role of accounting theory in the development of accounting principles’, Meditari
Accountancy Research, Vol. 18 no. 1, pp.1 – 16
Crane, A., & Matten, D 2010, Business Ethics: Managing Corporate Citizenship and Sustainability in
the age of globalization, New York: Oxford University press
Crane, A and Matten, D (2010). Business Ethic: Managing Corporate Citizenship and Sustainability in
the age of globalization. 3rd ed. New York: Oxford University Press. 235.
Deegan, C. M 2011, In Financial accounting theory, North Ryde, N.S.W: McGraw-Hill.
Dicksmith Corporate Governance 2015, Dicksmith Holdings 2015, viewed 17 October 2016
<http://dicksmithholdings.com.au/corporate-governance/>
Foye, B 2016, ‘Dick Smith collapse: what we know and what we don't’, viewed 10 May 2019,

21
http://www.crn.com.au/news/dick-smith-collapse-what-we-know-and-what-we-dont-416269
Gaughan, P. A, 2011, Mergers, Acquisitions, and Corporate Restructurings, 5th edition, Hoboken,
N.J: Wiley. pp.
Graham, C 2016, Dick-Smith-graph, viewed 12 May 2019,
<https://newmatilda.com/2016/01/14/staggering-greed-and-a-christmas-knock-out-sale-finally-ko-ed-
dick-smith/dick-smith-graph/>
Husband, R., 2011, ‘The Entity Concept in Accounting’,The Accounting Review, vol. 29, no. 4, pp.
552- 563.
Jones, S 2016, ‘A Cash Flow Based Model of Corporate Bankruptcy in Australia’, Journal of Applied
Management Accounting Research, Clayton North, vol. 14, no. 1, pp. 23-37
Mitchell, S 2016, ‘Dick Smith: accident in waiting: Retail’, The Australian Financial Review,
viewed 12 May 2019, <https://www.afr.com/business/retail/dick-smith-was-an-accident-waiting-to-
happen-20160714-gq62kd>
Low, C 2016, ‘Dick Smith administrator targets $10 million payment to Macquarie Bank, viewed 10
May 2019,
<https://www.smh.com.au/business/companies/dick-smith-creditors-face-260-million-shortfall-
20160713-gq4fw7.html>
Morris, M 2016, ‘Balanced Strategy for Inventory Optimization’, The Journal of Business Forecasting;
Flushing, vol. 35, no. 3, pp. 9-10
Oshry, B., Hermalin, B.E. & Weisbach, M.S, 2010 ‘The role of boards of directors in corporate
governance: A conceptual framework and survey’, Journal of Economic Literature, vol. 48, no.1,
pp.58-107.
Osuala, C, 2015, Introduction to accounting theory, 3rd Edition, Enugu, Africana First Publishers
Limited, pp. 13
Parker, L, Guthrie, J & Linacre, S 2011, ‘The relationship between academic accounting

22
research and professional practice’, Accounting, Auditing & Accountability Journal , vol. 24,
no. 1, pp. 5-14. Available in:
<https://www.academia.edu/2758506/The_relationship_between_academic_accounting_research_an
d_professional_practice>
Parker, R 2016, ‘Dick Smith's new owner's marketing tactics are killing me, viewed 10 May 2019,
<http://theregister.co.nz/opinion/2016/05/dick-smiths-new-owners-marketing-tactics-are-killing-me>
Robertson, A 2016, ‘Dicksmith former director was not concerned by balloon inventory, viewed 10
May 2019, <http://www.abc.net.au/news/2016-09-06/former-dick-smith-director-not-concerned-by-
ballooning-inventory/7820420>
Retail Intelligence, 2017, Influential causes of retail failure, viewed 10 May 2019,
https://theregister.co.nz/news/2017/05/influential-causes-retail-failure
Tarantino, A 2011, Essentials of Risk Management in Finance, Hoboken, N.J. : Wiley. Available in
<https://books.google.co.in/books?id=zo4K-yPeiC4C&pg=PT10&dq=Tarantino,+A+2011,+
+Essentials+of+Risk+Management+in+Finance,+Hoboken,+N.J.+:
+Wiley.&hl=en&sa=X&ved=0ahUKEwiBn5a_lp7iAhVN6XMBHVZOBZwQ6AEIKjAA#v=onepage&q=Ta
rantino%2C%20A%202011%2C%20%20Essentials%20of%20Risk%20Management%20in
%20Finance%2C%20Hoboken%2C%20N.J.%20%3A%20Wiley.&f=false> pp. 229
The Dick Smith group, 2016, Report to creditors pursuant to Section 439A of the Corporations Act
2001, viewed 12 May 2019, < https://www.mcgrathnicol.com/app/uploads/DS-Australia-Report-to-
Creditors-13-July-2016-updated-15-July-2016.pdf> pp.35-38
Thomsen, S 2018, ‘Dick Smith is closing down his food business - and blames Aldi for its demise’,
Business Insider, viewed 10 May 2019, < https://www.businessinsider.com.au/dick-smith-is-closing-
down-his-food-business-and-blames-aldi-for-its-demise-2018-7>
Tracy, John A. & Tracy, Tage C. 2014, How to Read a Financial Report : Wringing Vital Signs Out of
the Numbers, 8th ed. Hoboken, New Jersey : Wiley.
ICP, 2017, Spotless, viewed 12 May 2019, < https://www.icp.net.au/icp-claims/spotless/>

23
Zhou, J 2016, ‘Dick Smith... Was It Over Before It Was Over?’, viewed 10 May 2019,
<https://bigdatr.com/blog-articles/strategic-positioning/2016-01-20-dicksmith>
10.0 Feedbacks