Dick Smith Announces He's Shutting Down His Food Brand As He Can't Compete With Aldi

Announced this morning

Dick Smith Announces He's Shutting Down His Food Brand As He Can't Compete With Aldi

Businessman Dick Smith has announced he is shutting down his namesake food brand, blaming the rapid rise of Aldi supermarkets in Australia.

Dick Smith Foods will be phased out after 19 years in business and $480 million in sales.

"At the moment Dick Smith Foods is profitable but it's obvious in two years it will not be profitable," the 74-year-old, holding back tears, said in Sydney on Thursday.

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