Andre Reich joined the company in January 2020 inheriting a business that required significant turnaround measures.
Investors wiped more than $46 million off the market value of The Reject Shop on Wednesday after the retailer’s chief executive Andre Reich stepped down from the top job after just two years in the role.
“We don’t know where he is going. We are big fans of Andre and what he and the team were doing. It has been a hard market. We will hear more about this eventually, but I’m probably in the dark as much as you are,” he saidChairman Steven Fisher said that under Mr Reich’s leadership, The Reject Shop’s corporate culture had been reset, the business had returned to profitability with a lower cost base, the balance sheet was strong and the store network continued to expand.
Amy Eshuys has been named chief operating officer. Ms Eshuys previously held the combined role of vice president and general merchandise manager for buying, merchandising and sourcing at CTS based in New Jersey. The company sells a range of food, snacks, greeting cards, and party supplies. It warned at that time that the cost of its inventory, mostly sourced overseas, will keep rising for most of the rest of calendar 2022 due to inflationary pressure in the supply chain.
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