Dick Smith CEO steps down

  • 12/01/2016
(AAP)
(AAP)

Receivers and managers to Dick Smith Holdings announced that Nick Abboud, chief executive of Dick Smith tendered his resignation last night, effective immediately.

Don Grover has been appointed as interim chief executive as will assist with operations of the business as they seek to sell the business.

Mr Grover was formerly chief executive and managing director of Retail Fusion Brands and the Dymocks Group of Companies.

Receivers and Managers have today launched advertisements online and across major publications in Australia and New Zealand for the sale of the Dick Smith and Move businesses.

This comes off the back of 40 initial "expressions of interest" from various parties prior to the advertising campaign.

Further expressions of interest will be sought by January 27.

From here a short list of parties will be invited to submit formal offers. This process is expected to continue into February.

The Group has around 3,300 employees operating from 331 stores in Australia and 62 stores in New Zealand.

Brands include Dick Smith, Electronics powered by Dick Smith, Move and Move by Dick Smith.

Secured creditors of the Dick Smith business are owed approximately $140m and unsecured creditors owed approximately $250m.

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