Woolworths has offloaded its Dick Smith Electronics chain for $20 million to private equity group Anchorage Capital Partners. Woolworths said it had signed a share sale agreement with Anchorage and the deal was expected to be finalised in late 2012. Anchorage will take control of the 325 Dick Smith stores, which employ more than 4,500 staff. "Initial cash proceeds will be $20 million to be received in FY13 with Woolworths potentially benefiting from any upside resulting from a future sale of Dick Smith by Anchorage," Woolworths said in a statement on Thursday. The sale comes nine months after Woolworths announced it planned to sell the Dick Smith chain after a review found it no longer fitted with the supermarket giant's broader business.