Tuesday 31st March 2015 |
Text too small? |
Kirkcaldie & Stains, the upscale Wellington department store, named former managing director Philip Shewell as acting chief executive while it searches for a replacement for John Milford.
Shewell was a director of the company until February last year and ran the business more than a decade ago. He will start on April 8.
Milford resigned in December, after eight years, and ended up this month.
Last month the unprofitable retailer said it would make a decision on a possible capital return to shareholders once a new CEO was appointed and it had received the final payment from the buyer of its Harbour City Centre building.
After paying off $23.5 million in bank debt, the sale has netted $16.8 million to date but chairman Falcon Clouston said the board is still awaiting a final installment of $4.75 million in October.
The board is considering three options to return the business to profitability, a focus on a retail turnaround, which would take three to five years and considerable investment, downsizing, or divesting the business altogether, but won't make a decision until after the CEO appointment, Clouston said last month.
The shares last traded at $1.68 and have dropped 22 percent in the past 12 months, while the NZX 50 Index rose 14 percent.
BusinessDesk.co.nz
No comments yet
Second St John withdrawal of labour takes effect tomorrow with further strikes likely
Sanford Appoints Independent Director
CRP ADVISES CLOSURE OF SHARE OFFER TO EXISTING INVESTOR
Devon Funds Morning Note - 14 August 2024
OCR 5.25% - Monetary restraint tempered as inflation converges on target
Consumers still need due diligence as new deposit takers emerge.
Woolworths strike: staff asked to dress up in Disney costumes for a week on their own dollar
Turners Invests in Quashed Online Insurance Platform
PGW Reports on Challenging Year
Arvida Announces Executive Team Changes