Demise of Dick The news yesterday was dominated by the announcement that Dick Smith was being  placed into receivership. We believe the electronic goods section of the retail sector is set to continue to struggle in 2016. Higher costs of imported goods from a lower AUD and lower margins from increased competition and industry discounting are key reasons for our negative view.  What Happened? Dick Smith was placed into a trading halt on Monday and yesterday announced that they had entered voluntary administration and were subsequently placed into receivership by its banks. Dick Smith has been experiencing problems for some time, with the company reporting disappointing sales and issuing profit warnings over the course of the past 6 months. Lack of cash flow generation and a poor Christmas trading period were the final straw which resulted in Dick’s major lenders finally pulling the plug on the electronics retailer.  Dick Smith generates annual sales of  around A$1.1b...