Brands Put Dick Smith On Credit Hold As Questions Raised About Dick Smith Share Movement
In other moves several consumer electronics and appliance brands have chosen not to take the risk of supplying Dick Smith.
Yesterday, Taiwanese computer and tablet maker Asus launched a new 14-inch notebook said to be suitable for both home and office computing. The Asus EeeBook E402 range is only available at JB Hi-Fi and Harvey Norman.
The troubled Dick Smith chain is not mentioned in the release. Also failing to supply Dick Smith is Lenovo despite repeated requests.
The Eeebook E402 is a slim, lightweight design and is available in two colours: “shadow blue” at $369 and “elegant white”, (exclusive to HN) at $499. Both are powered by an Intel dual-core Celeron N2840 processor.
Questions are also being raised as to who sold stock prior to the recent downturn and then bought back in when Dick Smith shares hit 0.28c.
Five days after the slump Dick Smith shares are trading at 0.40c after millions of dollars’ worth of shares changed hands reaping investors millions of dollars.
Dick Smith has also lost their spot in the Australian share market’s list of top 200 companies.
The retailer will be one of five companies cut on December 18 following the quarterly review of the benchmark S&P/ASX200 index.
Dick Smith shares plunged after the retailer scrapped its profit guidance and wrote down inventories weeks before Christmas.
Dick Smith’s share price has tumbled more than 80 per cent after it shocked investors with profit warnings following disappointing October and November sales.