Australian online retail giant Kogan.com will keep the Dick Smith name alive in the ecommerce world.
Kogan has bought the electronics retailer's intellectual property rights for an undisclosed amount and will take control of Dick Smith's Australian and New Zealand online business from June 1.
Dick Smith's 363 Australian and New Zealand bricks and mortar stores are in the process of shutting up shop for good after the company went into receivership in January with debts of about $400 million.
The troubled retailer's receivers have so far failed to find a buyer for the stores.
Chief executive Ruslan Kogan, who founded Kogan.com 10 years ago in his parents' garage, says he was thrilled to be able to keep the iconic Aussie brand name alive in the online retail world.
"I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer," he said in a statement on Tuesday.
"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."
Mr Kogan, who started his retail business by undercutting the likes of Dick Smith, said he would use the platform to make technology more affordable for consumers.
He said he would also streamline the supply chain, ensure more competition among suppliers and introduce logistics efficiencies.
The 33-year-old multi-millionaire admitted that it would take some time to rebuild consumer trust, following dissatisfaction with Dick Smith's receivers not honouring gift cards or laybys.
All Dick Smith customers will have the choice of having their personal details removed from the retailer's files before Kogan takes over the company's online business.
