Dick Smith goes into receivership

[gec2002]

"Electronics retailer Dick Smith has gone into receivership, with Ferrier Hodgson appointed to run the firm following a failure to secure adequate funding to support the business."

http://www.abc.net.au/news/2016-01-05/dick-smith-enters-voluntary-administration/7067798

Unfortunately a lot of customers may lose money, with gift cards not being honoured etc.

[joethenuts]

well your prob right  but you cant do that ,   gov get paid then banks  then bla  bla  then bla bla   and gift cert  are a long way down the list i am afraid.

[harley_babes_hoard]

I'd throw the gift card at them on the way out though.

[k1ooo-slr-sales]

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@nuthinbutposters13 wrote:

It absolutely astounds me that the Administrators can come out and say they won't honour gift cards or deposits paid on goods. How does the Govt allow them to get away with this ?

Personally, if I had a gift card, I would walk into DSE, pick up something of that value, and walk out. At the end of the day, the gift card has been paid for, if it's ok for the Administrators to steal that money, it's ok for the customer to steal something of that value. 

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yeah, if anyone tries that then all I can should say is "good luck with that". Make sure you wear a beanie and use a marker pen to give yourself a fake moustache and goat-ee beard as they will have security cameras.

What you are suggesting is against the law.  If anybody knowingly enters the store and picks up an item and walks out without making due payment that is called stealing and is against the law.  If you pick up an item and take it to a register and they tell you your Gift Card will not be honoured then you have to pay by other means.

If you funded the Gift Card purchase with a credit/debit card then contact your bank.  I think this offers the best opportunity of getting your money back as Gift Cards are one of the last to be paid out by Administrators as holders of these cards are considered as unsecured creditors.

[audistarelectronics]

If the stores were closed, and not trading, then I could understand them not honouring gift cards, but it stinks that they are still trading with cash and cards etc, but their own currency gift cards are now worthless? Well, I can see the end of the gift card system if that's the case. Who will want to take the risk? Thier gift cards should be as good as cash when they are still open for business. In other words, we have your money, now tuff luck. Not on Dick Smith, you will be getting heaps of backlash on this one, and you will be glad to shut the doors.

[k1ooo-slr-sales]

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@audistarelectronics wrote:

If the stores were closed, and not trading, then I could understand them not honouring gift cards, but it stinks that they are still trading with cash and cards etc, but their own currency gift cards are now worthless? Well, I can see the end of the gift card system if that's the case. Who will want to take the risk? Thier gift cards should be as good as cash when they are still open for business. In other words, we have your money, now tuff luck. Not on Dick Smith, you will be getting heaps of backlash on this one, and you will be glad to shut the doors.

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I too think it is wrong to not honour the gift cards that have been paid for.  However, in the world of business it doesn't work that way when things go pear shaped.

[audistarelectronics]

Did a bit of research on gift cards, and several stores say they are as good as cash to be used in store. If this is the case, then Dick Smith should accept them also, or close the doors alltogether. What they are doing is virtually a fire sale, with little intention of paying any unsecured creditors.

[k1ooo-slr-sales]

just did a google search for DSE Gift Cards and found this article:

http://www.news.com.au/finance/business/retail/dick-smith-gift-card-recipient-told-you-have-nothing-...

Here's a small grab from that article.  It reinforces what I have been posting i.e. If you funded a DSE Gift Card with a credit charge then CALL YOUR CARD ISSUING BANK ASAP

[amber-eyed-girl]

Yes, the bank is the first place to try.

On another thread I mentioned a situation I saw where a gift card was declined by a fully operating major retailer.

I know that giving cash can be uncomfortable, or seen as a rudeness, or impersonal. Hence gift cards, as a present. It shows you know the recipient shops there, or likes books/CDs etc.

But from now I'd be giving cash with a little note suggesting what to spend it on...gift cards can be little more than a promise these days.

 Or a prepaid Visa debit card, if cash is a no-no. Issued by a bank.

[esayaf]

You have to be a plonker to buy a gift card

[boggo58]

Of course their going to loose money. Everyone will. Some gift cards will be refunded if bought at coles and you have the receipt. Maybe, maybe card chargeback