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Dick Smith CEO quits as debts hit $390m

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Dick Smith chief executive Nick Abboud has quit the troubled electronics retailer, which has gone into receivership with debts of about $390 million.

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Receiver Ferrier Hodgson on Tuesday said Don Grover had been appointed as interim chief executive as it tries to restructure and sell the business as a going concern.

Grover was formerly chief executive of Retail Fusion Brands and Dymocks.

The receiver, which took over running of the 48-year-old company last week, has begun advertising Dick Smith and has already received more than 40 initial expressions of interest in buying it.

Ferrier Hodgson said Dick Smith owes secured creditors about $140 million and unsecured creditors, which includes customers with unredeemed gift cards, another $250 million.

The consumer watchdog is speaking with the receivers at Dick Smith to find out how the electronics retailer’s collapse will affect customers of its 393 stores across Australia and New Zealand.

AAP

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