Outgoing CEO of The Iconic Erica Berchtold will no longer take over as chief executive of Best & Less Group in September, as the struggling discount apparel retailer had previously announced.
Instead, Ray Itaoui, a co-investor and long-time partner of BBRC, whose takeover offer for BLG is set to close at the end of this month, will continue as CEO of the business, after assuming the responsibilities of chief executive earlier this month. At the time, it was stated that this would be for a transitional period.
Itaoui has more than two decades of retail experience leading brands such as Sanity Music, Bras N Things and Honey Birdette. He is also BLG’s executive chair.
Of his appointment, Itaoui said he is “committed” to taking decisive action necessary to lead the company in the current challenging trading condition.
“I believe strongly in BLG’s potential to extend our leadership position in the value segment, leveraging our unique offer, privileged relationship with our customer and the capability of BB Retail Capital.”
Erica Berchtold reportedly agreed not to proceed with her appointment, according to an ASX statement from BLG.
On Tuesday, the company reported sales fell 11.7 per cent in the five weeks to June 18 – or by $9 million. It has taken measures to reduce its inventory position and “right-size” the business’ cost base.
