The Reject Shop's chief executive has quit after the troubled retailer announced store closures and slashed its full-year guidance to predict a loss of up to $2 million.
The company said Ross Sudano would leave "in the near term" and general manager of supply chain, strategy and innovation Dani Aquilina had been appointed acting CEO while it searched for a replacement.
The Reject Shop had in February reiterated its view that merchandising and operational changes would help it to a full-year profit of between $3.1 million and $4.1 million, but said on Thursday the measures had fallen short and it now expected a loss of $1 million to $2 million.
The company blamed a "tough trading environment in the retail sector which has continued to be impacted by low consumer confidence, flat wages, increases in the cost of living and a rapidly falling housing sector".
Seven Reject Shop stores will close by the end of June, the company said, leaving a network of 357 outlets.
Breville non-executive chairman Steven Fisher and Zac Midalia, who represents the Allensford group that this year tried to buy The Reject Shop, have joined the company board.
