Reject Shop CEO Quits After 7 Months
The Reject Shop has lost its second CEO within twelve months, after chief Phil Bishop suddenly resigned from the retailer, citing “personal reasons”.
Bishop was hired in the top role after former CEO Andre Reich suddenly left the company in April, giving no reason. Reich was only two years into his planned five-year strategy to turn the company’s fortunes around.
Chairman Steven Fisher said of Bishop’s sudden departure: “On behalf of the board and The Reject Shop team, we thank Phil for his work over the past six months and wish him well. A search for a new CEO will commence immediately.”
The Reject Shop also gave a trading update, saying it expects first-half sales of $439.7 million, which is up 3.5 per cent on the same period in 2021. Comparable store sales were up 2.4 per cent.
The Reject Shop is forecasting earnings between $22.5 million and $23.5 million, compared to $20.5 million in the final half of 2021.
“The solid preliminary half year result was underpinned by a strong Christmas trading period and we are pleased with the ongoing positive momentum achieved during January.
“I am confident that the combination of our improving merchandise offering, experienced senior leadership team and strong balance sheet positions the Company well to create value for shareholders by growing comparable store sales and continuing to expand the store network.”