Dick Smith CEO Quits As Company Grapples With $390 Million Debt

Dick Smith CEO Quits As Company Grapples With $390 Million Debt

Dick Smith has farewelled its chief exec following the electronics retailer’s recent dramas that forced it into voluntary administration.

B&T Magazine
Posted by B&T Magazine

With as much as $390 million of debt hanging over its head, CEO Nick Abboud has jumped from the sinking ship, with receiver Ferrier Hodgson saying Don Grover has been appointed as the interim CEO as the company tries to restructure itself and sell the business.

Grover was formerly chief exec of Retail Fusion Brands and Dymocks. Ferrier Hodgson said Dick Smith owes secured creditors about $140 million and unsecured creditors, which includes customers with unredeemed gift cards, another $250 million, with the business already raking in more than 40 initial expressions of interest to buy it.

The consumer watchdog is currently liaising with the receivers of Dick Smith, who took over the running of the company last week, as to how its collapse will affect customers across its 393 stores in Australia and NZ.