Thursday, January 20, 2022

Dreams Chairman departs

Bed retailer Dreams has today announced the departure of Chairman Steve Johnson, who is leaving the company after less than a year and a half in his role.

Johnson, who previously operated as CEO of failed variety retailer Woolworths, is understood to have clashed with other board members over the retailer‘s future strategy though Dreams would not clarify the exact reasons for his exit.

Dreams confirmed that it is continuing talks with its lenders the Royal Bank of Scotland as it seeks a refinancing package in the hopes of resolving its multi-million pound debt.

Despite a significant slowdown within the home retail market, which shrank by £9.02 billion between 2008 and 2011 according to research released earlier this week, the bed specialist has committed to expansion and reported positive like-for-like growth and increased market share in the last year following disappointing trading previously.

A Dreams spokesperson told Retail Gazette that its refitted stores and new online store have contributed to growth and noted that Johnson made “a very significant contribution” to the modernisation.

The spokesperson added: “Steve Johnson has chosen to step down as Chairman of Dreams.

“We thank him for his significant contribution to the company, and we wish him well in the future.

“The business continues to trade well and we remain in on-going discussions with our lenders.”


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