SYDNEY Jan 12 Dick Smith chief
executive Nick Abboud has resigned a week after the failed
Australian electronics retailer went into receivership with debt
of A$390 million ($272.61 million), its receivers said on
Don Grover has been appointed interim CEO, receivers Ferrier
Hodgson said in a statement. Gover was formerly CEO of Retail
Fusion brands and has more than 30 years experience in the
The receivers also launched advertisements on Tuesday
seeking expressions of interest for the sale of the Dick Smith
and Move businesses.
More than 40 parties have indicated their interest in buying
the retailer, Ferrier Hodgson said. Bids for the purchase must
be submitted by Jan. 27.
The process of short-listing prospective buyers, conducting
due diligence and eventually finding a buyer was expected to
continue into February.
Dick Smith's collapse, just two years after listing, has
sparked criticism about some of the methods that private equity
firms use to prime their investments for sale.
Anchorage Capital Partners bought the company in 2012 for
less than A$100 million from supermarket giant Woolworths Ltd
, aggressively expanding its footprint before selling
out for $A520 million just 15 months later.
($1 = 1.4306 Australian dollars)
(Reporting by Swati Pandey; Editing by Stephen Coates)