"I imagine there is room for three consumer electronics companies, but they need to be well managed" Mr Smith said, noting the company had "changed drastically" since 1968 when he started the store with his wife for $610 in 1968.

Dick Smith has not owned shares in the company since the sale in 1982.

He blamed uncritical financial media outlets and Australia's growth-focused economic system for the company's financial fall from grace, saying "most people" would know Anchorage Capital Partners' sale of the company for $520 million after picking it up from Woolworths for $94 million was "impossible - you can't have that type of gain in a short time".

Mr Smith, who considers the present economic system a "Ponzi scheme", says "there's no such thing as sustainable growth" and cited the Dick Smith bubble burst as a "classic case of people going for quick growth and getting into very quick problems".

"They [Woolworths] opened too many shops and then ended up in problems with it, and that's why they sold it for $90 million" he said. "I basically don't play the share market because I don't have expertise. I've never owned shares in Dick Smith Electronics or Woolworth or Coles or any of those type of organisations. Too risky for me."