Erica Berchtold no longer to be CEO of Best & Less Group

Outgoing CEO of The Iconic Erica Berchtold will no longer take over as CEO of Best & Less Group in September, as the struggling discount apparel retailer had previously announced. 

Instead, Ray Itaoui, a co-investor and long-time partner of BBRC, whose takeover offer for BLG is now set to close at the end of this month, will continue as CEO of the business, after assuming the responsibilities earlier this month. At the time, it was stated that this would be for a transitional period.

Itaoui has more than two decades of retail experience leading brands such as Sanity Music, Bras N Things and Honey Birdette. He is also BLG’s executive chair.

Of his appointment, Itaoui said he is “committed” to taking decisive action necessary to lead the company in the current challenging trading environment.

“I believe strongly in BLG’s potential to extend our leadership position in the value segment, leveraging our unique offer, privileged relationship with our customers and the capability of BB Retail Capital.”

Erica Berchtold reportedly agreed not to proceed with her appointment, according to an ASX statement from BLG.

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