News

Coles and Kogan offer exchange on Dick Smith cards

Dick Smith have announced that they are entering into receivership. Photo Inga Williams / The Queensland Times
Dick Smith have announced that they are entering into receivership. Photo Inga Williams / The Queensland Times Inga Williams

COLES has backflipped on an earlier decision and is now offering to exchange Dick Smith vouchers bought at Coles for a Coles gift card of equal value.

In a statement, the supermarket giant, "as a gesture of goodwill to our customers", stated it will replace any Dick Smith voucher bought at Coles between July 1 and the company going in to voluntary administration with a Coles gift card of the same value.

Online department store Kogan has also said in a blog post on its website that it will offer $25 of credit for use in its store if customers post their vouchers to them.

The Australian Securities and Investments Commission earlier released a statement providing advice for customers affected by the ongoing troubles faced by Dick Smith.

Dick Smith was placed into voluntary administration with McGrathNicol last week, with Ferrier Hodgson appointed as receivers.

"Due to the financial circumstances of the Group, unfortunately, outstanding gift vouchers cannot be honoured and deposits cannot be refunded," Ferrier Hodgson partner James Stewart said.

ASIC advises that customers who have bought a gift card or made a deposit on an item using a credit or eligible debit card may be able to get their money back from their card issuer via chargeback rights.

"You should contact your card issuer straight away as there are conditions and time limits on making a chargeback claim," the statement said.

Anyone who has bought a gift card or made a deposit with cash or using the cheque or savings option with a card should contact the voluntary administrators McGrathNicol about registering as an unsecured creditor.

When a company faces financial difficulty, it can be put in to receivership by secured creditors.

Secured creditors are those owed money by the company and have a legal claim over some of the company's assets that secured their debt owed.

In the receivership process, it's the responsibility of the receiver to collect and sell enough of the company's assets to repay the debt owed to the secured creditor.

The main duty receivers owe to unsecured creditors is to make sure the assets are sold for market value, and anything that remains after the secured creditors are paid is distributed to the unsecured creditors.

The fate of the 393 Dick Smith stores, along with over 3000 jobs, is still unknown.

Ferrier Hodgson has called for expressions of interest in selling the business as a going concern.

Topics:  coles dick smith editors picks



New hope for survival of goanna pulling

Max Gardiner is competing in the annual Australian Goanna Pulling Championships at Wooli sports grounds on Sunday 2nd October, 2016.

Meeting called to reverse cancellation and get help now

OPINION: Climate change sceptics swim in blissful ignorance

Musician Eddie Vedder performs at the 2016 Global Citizen Festival in Central Park on Saturday, Sept. 24, 2016, in New York. (Photo by Evan Agostini/Invision/AP)

Want to keep your head in the sand? Might need to buy a snorkel

Multi-vehicle crash near Grafton

Ambulance generic

Three cars and a semi-trailer involved in Pacific Highway crash

Local Partners

Dreamworld may supersize with 'Disneyland expansion'

OWNERS of icon Gold Coast theme park Dreamworld want to super-size the site with accommodation and entertainment to turn it into Australia’s Disneyland.

World’s strongest man reveals incredible 12,000 calorie diet

Brian Shaw won his 4th World's Strongest Man title. Source: Twitter

World’s strongest man reveals incredible 12,000-calorie diet

High Abilities take over the Jaca

READY TO ROCK: The High Abilities group will be playing at the Jacaranda Hotel on Friday night in support of Living Proof.

CRANES band all set for their next show at Grafton pub

ABC2 slammed over football exhibition match coverage

Fans weren't too happy with ABC2's coverage of Wednesday night's game.

ABC2 slammed for coverage of soccer exhibition match

'Bulls--t!' Lisa Wilkinson grilled over Karl's pay packet

Join us for a Great Night as we Proudly present Lisa Wilkinson

“And you believe everything you read?”

Rebel Wilson trial: The secret we never could have known

Rebel Wilson outside court

“Most people wouldn’t know it exists,” she said.

Janet’s back in the ring

Marta Dusseldorp returns in season three of the TV series Janet King.

Season three of ABC's legal drama delves deeper than ever before.

How Toowoomba house prices compare in Australia

For sale sign in front of home.

Here's what $700,000 will buy you in Toowoomba, Brisbane and Sydney

One of Maryborough's most historic homes is still for sale

FULL OF HISTORY: Trisha Moulds is owner of the historic Tinana state known as Rosehill. The beautiful home is currently for sale.

It has been the scene of both joy and tragedies over the years.

The face of the Sunshine Coast's overpriced rental crisis

Alyx Wilson had to rent a $385 unit in Currimundi because the market was too competitive for cheaper rental housing. She is now renting a room from friends who own a house in Currimundi, and says its much more affordable.

Young people feel the strain in competitive, expensive rental market

WATCH: Take a tour of a tradie's dream home

5a Bruce Hiskens Court, Norman Gardens, going for $720,000. INSET: Lea Taylor.

Huge block with potential for anything

REVEALED: Where it's cheaper to pay off a mortgage than rent

6/190 Ewing Rd, Woodridge, is listed for offers $215,000. Picture: realestate.com.au

Brisbane suburbs where it is cheaper to buy than rent

Ready to SELL your property?

Post Your Ad Here!