UPDATE: DICK SMITH CEO RESIGNS AS BUYERS SWARM

By Wares January 12, 2016 Industry news

Latest: Dick Smith CEO Nick Abboud moves on, expressions of interest for Dick Smith and Move need to be in by by 27 January.

Earlier today, Ferrier Hodgson, the receivers of Dick Smith Holdings, announced that Nick Abboud, Chief Executive Officer of Dick Smith, resigned late yesterday.

Highly experienced retailer Don Grover (see his LinkedIn profile here) has been appointed as an interim replacement while the receivers "work through the realisation and restructuring opportunities for the Group and seek to sell it as a going concern".

The information just put out by the receivers includes the news that secured creditors for the Dick Smith business are owed approximately $140m and unsecured creditors approximately $250m (Australian Dollars).

Now with "over 40 initial expressions of interest", the process to find a buyer for Dick Smith and Move banners is expected to last "well into February 2016".

As for who might be interested in the retailer whose ambitious plans appear to have flown in the face of its ability to manage them remains to be seen.

A creditors meeting will take place before the ends of this month in Australia, with an equivalent New Zealand event also indicated.

You can find all of the Ferrier Hodgson announcements around the receivership and sale here.

share this