High end lingerie retailer Wolford has seen its chairwoman quit with immediate effect amid falling full year revenues.
Wolford, which trades from an estate of four shops across London in the UK, saw its revenues drop by five per cent on a constant currency basis to £140 million (€154.28 million), while EBITDA plummeted from £7.57 million (€8.38 million) last year to a loss of £3.06 million (€3.39 million).
Amid the heavy losses, the chairwoman of the supervisory board Antonella Mei-Pochtler has departed the retailer, having held the position since 2014.
Deputy chairwoman Claudia Beermann will succeed her in the interim before a new chair is appointed following the retailer’s next annual general meeting on September 14.
Planned restructuring methods have been forecast to come into effect in the 2018/2019 financial year, leading to expectations of further negative figures in the next financial year.