The Dick Smith brand will be resurrected online.
E-commerce entrepreneur Ruslan Kogan plans to turn the former retail giant into an online-only consumer electronics store.
Mr Kogan's business, online retailer Kogan.com, has bought Dick Smith's intellectual property for an undisclosed price from receivers Ferrier Hodgson.
The deal includes the Dick Smith brand, trademarks, websites, domain names and the chain's customer databases.
"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," Mr Kogan said. "We will invest in building and nurturing the Dick Smith community, and honour the great legacy of this Australian business."
Dick Smith has struggled in recent years, after ditching the hobbyist market in favour of consumer electronics. "I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer," says Mr Kogan.
"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 will take control of the assets in June. The company says it will handle the customer database it acquired according to Australian and New Zealand law.
"All Dick Smith customers will be contacted with the option of having their details removed prior to the transfer to new owners."
Customers who signed over their information after January 4, when the company went into receivership, will not have their details passed on.
Receiver Ferrier Hodgson is yet to respond to Newshub's request for comment.
Ruslan Kogan is on Australia's Business Review Weekly rich list, with an estimated net worth of more than $300 million.
He started his empire selling TVs online from a garage in his parents' home.
But his entrepreneurial career goes back to when he was nine years old when he collected and sold discarded golf balls.
A year-and-a-half ago he visited New Zealand and offered some simple advice for budding entrepreneurs: "Just do it."