Dick Smith goes into administration

What is a 'Corporate Fat Cat'?
Sounds like something Today Tonight or A Current Affair would use to describe a well paid employee in a corporate role.

 

(n) - A Corporate Fatcat is a titan of industry. A Corporate Fatcat uses misleading and deceiving tactics and undertakings to grease their pockets and get their hand in the honey pot. Exotic vacations and exquisite dining are just a few perks of Fatcatting. They are everywhere.
The Corporate Fatcat was busy greasing his pockets and stirring the honey pot when he was approached by a tenured assembly worker. This man was hardworking and trustworthy; a rough and tumble blue collar Joe. Respectfully asking for a taste of the honey and perhaps a swab of the grease, the Corporate Fatcat merely grimaced with disdain and replied, "you leave the Fatcatting to me."

Leaving honeyless and greasless, the tenured assembly worker uttered, "God-Damn Corporate Fatcats."
by Joe Mantegna May 16, 2010

Source: Urban Dictionary: Corporate fat cat

 

so, coles and woolworhts have agreed after initially denying to , to exchange the dicksmith vouchers to their own gift cards

apparently woolies and coles had already sent the money for purchased gift cards to dick smith

so I guess this is purely a collect brownie points exerceis, but I really do commend them for doing so!

do you guys think they are doing it to be nice, or they think that like most gift cards, a % wont be redeemed, plus any purhcase made will be profit to them as well,

to me it seems like a great gesture, unless there is an ulterior motive that I m not aware of

 

Its fairly common for largeer companies to do this. Virgin did that to qantas a while back ...partly its goodwill but thats a minority position. The major reason is to attract their customers..its mostly a customer grab.

 

Optus did it when OneTel went under in the.... late 90s? I assume they write it off as a brand promo / advertising play.

 

Yes, but now that Woolies doesnt really have an electronics business, it mist be more for the sake of goodwill and good PR than for grabbing their customers.

 

Not really.. wollies and coles both have mountains of customer data eg x number of customers who shop at woolies buy approx y dollars worth at dick smith and q dollars at woolies over a period of time etc - coles would also estimate a similar number..would they want ex dick smith to shop with them rather than woolies...you bet .. and vice versa...they would have both cruched the numbers and net profitability of accepting the cards would have had to stack up.

 

Wonder if they will do it for vouchers that weren't bought at their stores.

 

Walked into a Dickies yesterday. Surprised they are still open. I enquired about what if I buy sumfing and I have to return it .

The dude said contact the manufacturer in a condescending way. I requested a discount as the prices didn't seem cheap.... Nope!

You'd be crazy to buy anything from them IMO.

 

They will have a closing down/clearance sale at some point. Just to get rid of the $300m of stock on hand.

But not until the administrators have written most of it off the books.
It will help bump the profits, and makes the business look like a good buy.

Blacky

 

Administration != receivership despite many news sites saying they are in receivership.

Receivership is a completely different phase, creditors can vote to appoint receivers once the administration process has run its course. I have had clients go into administration and trade out and continue on, or be sold as going concerns to other parties.