BREAKING - WHS group CEO Nick Grayston resigns

Quick note today. We wrote of the woes at The Warehouse Group earlier this week (link). Businessdesk also published on The Warehouse’s TheMarket experience (they recently announced the closure of TheMarket after spending millions on the failed experiment).

Now — The Warehouse CEO Nick Grayston has resigned today, effective immediately. Chair Joan Withers said “…as we look to the future, we have agreed a change in direction is necessary for the Company and that it needs fresh energy to execute.”

John Journee will act as interim CEO. Wondering who the next CEO will be. We think The Warehouse needs to go back to basics and return to its roots — could Greg Foran ditch Air NZ and jump ship? As I’ve said before, the Walmart/TJ Maxx model works. Focus on your buying, your stock control and appealing to your audience…reject the “Agile” nonsense peddled by McKinsey. We will be watching with interest…

Quoting Rose Blumkin, the legendary founder of Nebraska Furniture Mart —

If you have the lowest price, they will find you at the bottom of a river.