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.
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.
Please login with linkedin to comment
LinearLatest News
“Bots Are Programmed To Sell, Not Care!” AI & Algorithms Roasted In Creepy Robot Ad For US Travel Brand
Arguably no one’s copped it harder than the travel business since the arrival of the Wuhan bat flu. But with vaccines now rolling out, the hope is we’ll all soon be taking to the air (or boat, car or ferry) anytime soon for our next vacation. Enter a new campaign for US travel brand Internova […]
Highsnobiety Partners With Citizens Of Culture To Help Lead Its Media Partnerships In Australia
Culture-leading publisher Highsnobiety continues to evolve its local operations with the appointment of Citizens of Culture as its strategic partner across media operations within Australia. Highsnobiety is a premium global brand dedicated to cultural pioneers, with work spanning across digital platforms, print media, documentaries, cutting edge events, a shopping platform and a full service creative […]
Investigation Reveals That Amazon Destroys Thousands Of Dollars Of Unsold Stock, Including Laptops, TVs And Face Masks
An investigation by British broadcaster ITV has found that Amazon is destroying millions of items in unsold or returned stock. The report specifically focuses on one of the 24 warehouses the company has in the UK. According to ITV News, the destroyed items are largely unused and new, either returned items or those which never […]
Mega Sports Blunder Wrap! Testicles, Streakers, IKEA’s Ronaldo Stunt & What’s Under A Scotsman’s Kilt
B&T's condensed a week of sports disasters into this handy read. Stranger still, it's sans any NRL players whatsoever.
HEADS UP: Entries For B&T’s Best Of The Best Awards Close This Week!
B&T’s Best Of The Best Awards close this Friday! So don't prove yourself the fool of the fools by missing out.
Fiftyfive5 Expands Local And Global Talent With 45 New Hires
Insight-led consulting business Fiftyfive5 reports continued growth with 45 new hires between June 2020 and June 2021 across all geographies and levels, bringing the agency headcount to 147.
Ben Roberts-Smith’s Defamation Trial Put On Hold While He Awaited COVID-19 Results
Yes, the Ben Roberts-Smith defamation case sent to run for weeks amid reports Ben's already run out of ties.
Samsung CMO Josh Grace Among Several To Exit Tech Giant’s Corporate Marketing Team
Samsung CMO Josh Grace announces departure. Can now reveal he was secretly watching Apple TV the entire time.
Everything You Need To Know About The New DDO Laws & How They Will Affect Your Marketing Campaigns
Here's all you need to know about the new DDO laws. That's design & distribution obligations, not Doris Day's obituary.
Shopper Media Expands ISPT Partnership To 20 More Shopping Centres Nationwide
Shopper Media, Australia’s fastest-growing retail out-of-home media company, today announced its expanded partnership with ISPT that will see it install 230 screens across a portfolio of 20 shopping centres nationwide.
Red Bull Launches An Office Games Tournament In Australia To Give Wings To Workers
Red Bull gives you wings. Although too much of it can also give you caffeine toxicity, anxiety and heart palpitations.
Witchery Partners With GlamCorner To Boost Subscription Shopping
Australian fashion brand Witchery has partnered with B Corp GlamCorner as part of GlamCorner’s subscription box offering as the demand for everyday essentials soars. This partnership marks another milestone for the Australian fashion industry towards becoming more circular and introducing more paths to reduce textile waste. Customers nationally will be able to rent more of […]
MASH Appoints Damien Miller As First General Manager, Wins Work With Experience Co And Minor Hotel Group
Following significant new business growth, MASH has appointed former VICE head of client services Damien Miller as its first general manager. It has also announced two new major client wins.
“We Can Learn From One Another”: How Supporting Refugees Makes Australia’s Business Culture Better
To celebrate World Refugee Day today, B&T's bringing you this. Still, don't expect the same on World Gouda Day.
Akcelo And Miami Ad School Launch Brand Experience Boot Camp
Miami Ad School unveils new industry bootcamp that thankfully doesn't require carrying logs or any burpees whatsoever.
Curry Club For COVID-19 Relief, Powered By UnLtd, Challenges AdLand To Raise $100,000
The media, marketing and creative industries are being encouraged to host their own ‘Curry Club for COVID’ before 30th June to help meet the ambitious $100k target set by its organisers. Curry Club for COVID, which was conceived by long-time adtech executive Peter Bray, sales director at Impact, and is powered by industry social purpose organisation […]
UnLtd’s ‘Goals for Good’ Soccer Tournament Celebrates 10 Years
The UnLtd Cup is returning for its tenth consecutive year, marking a decade of soccer shenanigans that’s raised nearly $500,000 for children’s mental health charity, KidsXpress. On July 22-23rd, 28 teams from across the industry will battle it out on the soccer field in the two-day tournament at Sydney University Sports and Fitness Centre, Darlington. […]
Global Study Reveals That Brands Turned To APAC During COVID-19, With Kayo Sports In Top 10 Most Loved Global Brands
Kayo ranks in the top 10 most loved global brands. Given the circumstances, no sign of Sorbent, Pfizer or Gordon's Gin.
“Until We Are Comfortable We Can Meet Demand”: Supply Concerns Behind Vaccine Ad Delay
Surely if Tim Tams made an AstraZeneca double-coated chocolate version, we'd be rid of this damn plague by week's end?
triple j’s Unearthed High Returns For 2021
B&T certainly encourages high school musical acts. We'd just hate to live next door to them, that's all.
Monday TV Wrap: MasterChef Beats Ninja Warrior While HYBPA? Tops Entertainment
If anything, recent TV numbers are proving highly unpredictable. Unlike the jokes on the recent 'Friends' reunion.
Ultra Commerce Acquires Vesta eCommerce
Australian-bred company Ultra Commerce has acquired New Zealand-based company Vesta eCommerce, a global software business providing leading product data management solutions. The recent acquisition is a significant move for the business, which is Australian born, owned, and headquartered, but has built out a global presence as it pursues rapid growth in the eCommerce market. Connecting […]
Top Creatives Launch #OnlyOneInTheRoom Collective To Tackle Diversity In Adland
Here's a top initiative to drive more diversity in adland that doesn't require knowing Don Bradman's batting average.
Saatchi & Saatchi Melbourne And VMLY&R Melbourne Head Aussie Gold Winners In Day One Of Cannes Lions
Aussie agencies off to a solid start on Day One of Cannes. Not that there's been a rush on rosé down at Liquorland.
Radio Host Jackie O Becomes Weight Watchers Ambassador
Jackie O named Weight Watchers' newest ambassador. Yet, B&T reckons Kyle would've made a far more entertaining choice.
MFA Updates Transparency Framework For Advertisers & Agencies
The MFA updates its transparency framework that sadly doesn't come on a spill-resistant laminated card with wax seal.
Matt Cooney Joins Saatchi & Saatchi As National Chief Growth & Marketing Officer
Matt Cooney joins Saatchi & Saatchi. Has been awarded no special dispensation regarding the office footy tipping comp.
Inclusive Marketing: Microsoft’s Five Mindset Shifts Every Brand Can Make
Microsoft's five mindset shifts any brand can do revealed here. You could also chuck in more fishy omega-3s for a sixth.
New Council For In-House Agencies Launches In Australia
Nothing stirs industry debate like the merits of the in-house agency. That and the suitability of thongs in the office.
Crater Teams Up With Director Luna Laure For ‘Harry’s Story’, Canteen’s Newest Campaign
Canteen’s latest campaign features the combined talents of Director Luna Laure and creative agency Crater. The campaign strives to raise awareness for young people affected by cancer. The awareness campaign centres around Harry Barentson, who at 12 years of age found out his pregnant mum had cancer. The campaign aims to bring awareness to Canteen’s […]
