The chairwoman of The Warehouse Group details her plan to save the woeful retailer. Video | Corey Fleming
The chairwoman of The Warehouse Group, Dame Joan Withers, says she considered resigning from her position at the top of the now loss-making retailer, but she’s committed to fixing its mistakes.
“We’ve done the mea culpas on what we’ve got wrong, and there’s a lot of it.” Withers told Marketswith Madison.
“I think either bailing or throwing directors overboard at this point in time would not be in the best interests in the company.
“I don’t think now is the time for me to go.”
However, she intended to step aside when her second directorship term was up next year.
The company that owns The Warehouse, Warehouse Stationery and Noel Leeming, last week announced its first annual net loss in its 42-year history of $54.2m, after selling off Torpedo7 and closing down its online offering TheMarket.com.
The Warehouse has lost marketshare in two of its key categories; home and apparel.
It was yet to appoint a permanent chief executive after its former boss Nick Grayston exited the business, effective immediately, in May.
With that to bed, Withers said the company was now focused on its core three brands and was aiming to improve its product mix to win back marketshare in two key categories; home and apparel.
“We’re fighting now to get that back.
“Even in the last few weeks, with a renewed focus, some of the new product now landing, we are starting to see our marketshare figures climb back up again.”
Watch Joan Withers discuss how The Warehouse will survive in today’s episode of Markets with Madison above.
Dame Joan Withers discusses how The Warehouse will survive on Markets with Madison.
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Madison Reidy is the host and executive producer of the NZ Herald’s investment show Markets with Madison. She joined the Herald in 2022 after working in investment, and has covered business and economics for television and radio broadcasters.
