Dick Smith CEO quits amid receivership turmoil

Dick Smith CEO quits amid receivership turmoil

Nick Abboud steps down after 3 years at the helm

Dick Smith CEO, Nick Abboud, steps down

Dick Smith CEO, Nick Abboud, steps down

Dick Smith chief executive, Nick Abboud, has tendered his resignation and will leave the company after just over three years in charge.

The resignation comes seven days after the company went into receivership and appointed Ferrier Hodgson.

The receivers have appointed Don Grover as interim CEO. Grover will assist the receivers and managers with the operations of the business as they work through the realisation and restructuring opportunities for the group and sell it as a going concern, according to a statement.

Grover has 30 years experience in retail having previously worked for Fusion Brands, Dymocks and David Jones.

In conjunction, the receivers have also launched an advertising campaign to drum up interest in the sale of the company.

Ferrier Hodgson said it has already received over 40 expressions of interest from potential buyers and will be seeking more until 27 January.

The company said that once it has assessed the non-binding expressions of interest, it will develop a short list of parties to be invited to begin due diligence and submit formal offers.

Dick Smith’s creditors - secured and unsecured - are owed a total of $390m. The company operates 393 stores accross Australia and New Zealand under its four brands Dick Smith, Electronics by Dick Smith, Move, and Move by Dick Smith.

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Tags receivershipdick smithDon GroverNick Abboud

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