'The private equity firm managed, after a short period of very clever accounting, to sell it on the stock market for $520 million. Thereafter came the terminal phase, as CEO Nick Abboud led the company to its demise in February 2016.
'The Dick Smith saga is long and fascinating. From an independent store it became part of the Woolworths empire, and was eventually savaged by the rise of online electronics retailers. Woolworths then sold it — for just $20 million in cash upfront — to private equity.
The private equity firm managed, after a short period of very clever accounting, to sell it on the stock market for $520 million. Thereafter came the terminal phase, as CEO Nick Abboud led the company to its demise in February 2016.'
