Dick Smith on Dick Smith Electronics going into receivership

Australian businessman Dick Smith told Tony Jones he is saddened to learn that Dick Smith Electronics has gone into receivership but doesn’t rule out that the company can be saved.

A day after the company’s shares were put in a trading halt, the chain announced this morning that it has called in voluntary administrators and it has been unable to secure alternative funding.

Mr Smith sold his electronics company to Woolworths for $25 million thirty years ago after which it was purchased by Anchorage Capital Partners for $94 million in 2012.

‘I am sad,’ he told Tony Jones.  ‘I wouldn’t rule Dick Smith Electronics out, let’s hope it can be saved.  I am very proud that I started it with $610.’

Listen below to as Dick Smith talks to Tony Jones