Don Grover replaces Nick Abboud a week after electronics retailer was placed in voluntary administration with debts of about $390m

This article is more than 4 years old

This article is more than 4 years old

The Dick Smith chief executive, Nick Abboud, has quit a week after the electronics retailer went into receivership with debts of about $390m.

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The receiver, Ferrier Hodgson, says Don Grover has been appointed as interim chief executive as it tries to restructure and sell the business as a going concern. Grover was formerly the chief executive of Fusion Retail Brands and Dymocks.

Ferrier Hodgson has begun advertising Dick Smith for sale and says it has received more than 40 initial expressions of interest.

The Australian company was placed in voluntary administration last week after failing to secure a funds injection from its banks.

A syndicate of its lenders, including National Australia Bank and HSBC, appointed Ferrier Hodgson with the aim of salvaging value from the struggling business. McGrathNicol has been appointed administrator.