Bad blood with bankers blamed for Dick Smith collapse

 In Australia, NewZealand
The administrators’ report into Dick Smith will reveal the business could have survived with the support of its banks, according to sources close to the collapsed chain, who claim bad blood between the electronics retailer and its key bankers sealed the fate of the once iconic chain.
Dick Smith’s relationship with National Australia Bank and HSBC was barely six months old when the retailer announced a $60 million inventory write-down in late November and revealed it was "unable to re-affirm the profit guidance previously provided".
 It’s not clear why the banks didn’t receive any smoke signals about the impairment charge but it’s believed to have rocked the relationship and damaged NAB’s trust in senior management, including chief executive Nick Abboud. Sydney Morning Herald – Read more…

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