Australia was in the process of mourning one of its former retail giants in Dick Smith, but it looks like Ruslan Kogan has just saved it from the brink.
He's just announced that he's buying the Dick Smith Online.
To be clear: all of Dick Smith's retail stores are still being closed down, but the online store will remain. Kogan will take over Dick Smith's online from June 1 2016.
According to a statement, Kogan said he wants to continue the legacy of the Dick Smith brand.
“Dick Smith is an iconic Australian brand and we’re thrilled to be able to keep it alive, as well as Aussie owned and run,” said Ruslan Kogan, Founder and CEO of Kogan. “We will invest in building and nurturing the Dick Smith community, and honour the great legacy of this Australian business.
“I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer. 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.”
As part of the acquisition, Kogan will receive the Dick Smith brand and trademarks, the online business in Australia and New Zealand, customer and loyalty databases, websites and domain names.
According to Kogan, the Dick Smith brand will not be absorbed by Kogan, and will continue to operate as its own separate entity.