The ailing retailer has reached sink or swim level, after struggling with the backlash from the hugging scandal which implicated CEO Ray Kelvin at the heart of the matter. Now it would appear that things have gone from bad to worse for the retailer as shares has slumped 25 percent.
Lindsay Page has blamed the poor trading as a result of two factors, the unseasonable weather for North America and the current retail environment worldwide.
‘As a team, we are proactively addressing the challenges we face as an industry. Several of our new product initiatives will commence imminently and we are confident in our collections for the coming season. We are relentlessly focused on achieving cost efficiencies as well as further cost savings throughout the business.’ – Lindsay Page, CEO
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