Online retail entrepreneur Ruslan Kogan has leant a helping hand to struggling electronics retailer Dick Smith. While Kogan revealed that the online sector of the business has been secured, the price of the purchase was not disclosed.
Founded in 1968, young electronics technician Dick Smith started his business as a car radio installation company. Dick Smith was later acquired by Woolworths which grew the company into an electronics giant. Anchorage Capital Partners bought the firm in 2012.
Australia’s biggest etailer Kogan.com will operate the new company from 1 June.
A number of big brands in Australia including Harvey Norman confirmed that they were uninterested in buying the electronics retailer.
The Chief Executive of Kogan.com said that he is "thrilled" to be able to keep the Dick Smith brand alive and to keep it "Aussie owned and run".
"I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer," Kogan added.
"There is a strong history of passion in the Dick Smith community for how technology can improve our lives, and we look forward to helping make it more affordable and accessible for all."