Sydney based distributor Shriro has sacked over 20 staff as the share listed business goes from one poor business decision to another with calls for the sacking of CEO Tim Hargreaves.

Last week management failed to reveal in their announcement to the ASX that they had been forced to mass sack staff, instead they issued a statement to select media that failed to reveal the “True state of the problems” at Shriro claims a former employee.

Front and centre of the poor decision making is Tim Hargreaves who has overseen the collapse of the business whose share value is down over 15% this year alone.

Back in 2022 the business delivered $191.8 M in revenue this fell to $125.5M in 2023 and has slumped even further in 2024.

Last week Hargreaves was forced to offload key brands in the local market to Worldwide Appliances,(Eurolinx)  the announcement was only given to one publication as Hargreaves appeared to try and avoid scrutiny of the Companies poor performance.

Shriro management tried to make out that the move that will see a further slump in revenues will benefit the business that was forced to offload their Omega business last year to Melbourne based Residentia.

In a statement to ASX he did admit a further deterioration in revenues claiming that “Without the contributions towards expenses from the exited Australian Appliances business, Shriro has had to right size the costs of its seasonal products which includes BBQs, Robinhood, pizza ovens, cooling products and heaters”.

Hargreaves has not said how many staff he has retrenched during the past year with insiders claiming that the only reason he has a job is his relationship with Casio a brand that he was responsible for prior to being appointed CEO.