Courts reshuffles key directors
Changes at the top to drive business reorganisation
March 16 2004
UK furniture retailer Courts has announced a reorganisation of its senior directors as it works on a reorganisation of the business.
Courts said in January that the weak dollar had dented its profit forecasts, leading it to renegotiate a revolving credit facility and offer new financial covenants.
The refinancing could ultimately see the business sold, or Courts’ overseas operations in areas such as the Caribbean and Asia, which account for about half of profits, floated separately.
The changes see Bruce Cohen become executive deputy chairman and managing director international. Non-executive director Leo McKee is to become non-executive chairman with immediate effect.
Current non-executive chairman Robert Shrager becomes an executive director, responsible for the refinancing and reorganisation of business. Shrager is a former corporate finance director of Dixons Group.
Stuart Miller had been appointed as Courts’ finance director, succeeding Malcolm Samuels, who retires at the end of May.
McKee said: “We indicated in our January announcement that board changes would be made to facilitate the effective implementation of the refinancing initiatives. We believe that this board structure will enable us to achieve this goal.”
