Dick Smith CEO quits as receiver looks to sell battling business

Dick Smith CEO quits as receiver looks to sell battling business

 

CEO and Managing Director of Dick Smith, Nick Abboud pictured in store at the Macquarie Centre, Sydney.
CEO and Managing Director of Dick Smith, Nick Abboud pictured in store at the Macquarie Centre, Sydney.

Don Grover replaces Nick Abboud as Dick Smith CEO a week after the electronic retailer was put in willful administration with obligations of about $390m. The Dick Smith CEO, Nick Abboud, has quit a week after the electronic retailer went into receivership with obligations of about $390m. The recipient, Ferrier Hodgson, says Don Grover has been selected as interim CEO as it tries to rebuild and sell the business as a going concern. Grover was some time ago the CEO of Fusion Retail Brands and Dymocks.

Ferrier Hodgson has started promoting Dick Smith for sale and says it has gotten more than 40 initial expressions of interest. The Australian organization was set in willful administration a week ago in the wake of neglecting to secure a funds injection from its banks. A syndicate of its loan specialists, including National Australia Bank and HSBC, delegated Ferrier Hodgson with the point of rescuing worth from the battling business. McGrathNicol has been delegated administrator.

You must be logged in to post a comment Login