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

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 chief executive of Retail Fusion Brands and Dymocks. He has more than 30 years in the industry including various operational roles at David Jones.

Ferrier Hodgson today launched advertisements online and across major publications in Australia and New Zealand to seek expressions of interest for the sale of the Dick Smith and Move businesses.

The receivers say they received 40 initial expressions of interest before the advertising campaign began. Further expressions of interest will be accepted until January 27, 2016.

Once the receivers have assessed the non–binding expressions of interest they will develop a short list of parties who will be invited to commence initial due diligence and then submit formal offers. This process is expected to continue well into February 2016.

Creditors for the Dick Smith business include secured creditors that are owed approximately $140 million and unsecured creditors owed approximately $250 million. Creditors are set to meet this Thursday, as staff remain in limbo until the sales process is concluded.

Read more: Legal action likely’ following Dick Smith collapse

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