Dick Smith CEO Nick Abboud has stepped down from his role at the struggling electronics retailer a week after it was placed into receivership, effective immediately.Receiver Ferrier Hodgson has announced that Don Grover, former Retail Fusion Brands CEO, has been appointed as interim CEO.
Grover has more than 30 years’ experience in the retail sector, having also held the CEO role at Dymocks, along with various operational roles at David Jones.
The resignation of Abboud, the Dick Smith CEO since 2012, follows the ongoing fallout from the retailer’s collapse, with the impact being felt throughout the consumer electronics industry.
Ferrier Hodgson has today launched advertisements online and across major publications in Australia and New Zealand seeking expressions of interest for the sale of the Dick Smith and Move businesses.
Ferrier Hodgson states there has been over 40 initial expressions of interest from various parties prior to the commencement of the advertising campaign.
Further expressions of interest are being sought by or on January 27, while once the non-binding expressions of interest have been assessed, a short list of parties will be developed, who will be invited to commence initial due diligence and then submit formal offers.
The process is expected to continue well into February.
Dick Smith’s secured creditors are owed approximately $140 million and its unsecured creditors approximately $250 million.