Dick Smith promises to undermine Woolworths if it sells his brand to foreign owners

Larry SchlesingerDecember 8, 2020

Aussie entrepreneur Dick Smith has promised to do all he can to devalue the electronics brand that still bears his name if Woolworths sells the business to foreign owners.

Woolworths has said it will close more than 100 stores in the chain and look to offer consumers electronic products through its own stores and discount brand Big W following years of underperformance.

Smith, who is also a "Buy Australian" campaigner, says there will be a “real problem if Woolworths do sell it to a foreign-owned company”.

"I'll rubbish them the whole time. They wouldn't want to pay much,” he told Fairfax media.

As a “proud Australian” Smith is opposed to foreign ownership of Australian brands.

"I would just point out all the time that this is further destruction of Australia,” he says.

Smith says he understands why Woolworths wants to sell

“I think they're doing a sensible thing and they've owned Dick Smith for 30 years and made a fortune out of it, but once the growth is gone, which I think it has in that field, I can understand them selling it."

 

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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