Entrepreneur Ruslan Kogan will operate Dick Smith as an online-only electronics retailer from June, after purchasing the brand’s intellectual property and online business from receivers Ferrier Hodgson.
Fairfax reports Kogan has secured Dick Smith’s trademarks, websites, domain names and customer and loyalty databases for an undisclosed sum and plans to operate the Dick Smith brand separately from the Kogan.com business.
Receivers Ferrier Hodgson commenced a sale campaign for Dick Smith’s online divisions and intellectual property, including the chain’s website domains and customer databases, at the start of March.
The campaign came just days after Ferrier Hodgson announced all remaining Dick Smith stores will close after a buyer was unable to be found for the electronics chain.
According to Fairfax, Dick Smith’s online business accounted for around 8% of the retailer’s total sales and was recorded annual sales of around $95 million.
This article was originally published on SmartCompany.