Pumpkin Patch appoints Dave Foster as CFO

Published: Fri 4 Sep 2015 09:44 AM
Pumpkin Patch appoints Dave Foster as CFO
By Suze Metherell
Sept. 4 (BusinessDesk) - Pumpkin Patch has appointed Dave Foster as its chief financial officer to replace Steve Mackay, who quit the ailing children's clothing chain after less than a year.
Foster, who has been with the company as its group financial officer since 2008, will replace Mackay, who announced his resignation last month, the Auckland-based company said in a statement. Mackay's departure followed the resignation of chief executive Di Humphries after less than two years in charge of Pumpkin Patch.
In July, the retailer affirmed expectations for normalised earnings before interest, tax, depreciation and amortisation of about $14 million in the year ended July 31, in line with earnings a year earlier, which it said would lead to a "modest" after-tax loss.
Pumpkin Patch has struggled to remain relevant in a changing retail environment, and recently reviewed its options after receiving offers to buy or refinance the business. In June, the board decided against accepting any offers, which it didn't see as compelling enough to accept.
The company's shares last traded at 14 cents, and have declined 66 percent in the past year.
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