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Dick Smith vows to fight sale

Posted by: 3AW Radio | 31 January, 2012 - 2:29 PM
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An investment expert says Woolworths should have made the decision to close up to 100 of its struggling Dick Smith electronic stores years ago.

The retailer has confirmed the stores will close over the next two years and staff will be offered other jobs within the group.

*Scroll down to hear Dick Smith speak to Derryn Hinch*

Morningstar investment analyst Peter Warnes says JB Hi-Fi has cornered the market and Dick Smith was just a distraction.

Entrepreneur and "Buy Australian" campaigner Dick Smith says he will "rubbish" the electronics business he founded and that still bears his name if it is sold into foreign ownership.

"There will be a real problem if Woolworths do sell it to a foreign-owned company," Mr Smith said, in response to news that Woolworths plans to close underperforming stores and sell the consumer electronics business after years of underperformance.

"I'll rubbish them the whole time. They wouldn't want to pay much."

Asked why he would attack the foreign takeover of his namesake stores, Mr Smith said: "Because I'm a proud Australian and this is just continuing where all the wealth is going overseas and damaging our country. I would just point out all the time that this is further destruction of Australia."

- 3AW News with The Age

PLAY: Hinch speaks to Dick Smith about the story

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