Shares in ailing Pumpkin Patch suffered another battering yesterday after chief executive Di Humphries' surprise resignation, which is effective from November.
In recent months, indebted Pumpkin Patch was unable to find a suitable buyer or raise any new capital, and has embarked on another restructuring plan, which is likely to include the closure of some unprofitable stores.
On Monday, the shares plunged 20% to 20c on the news there was no suitable buyer, then retraced some of those losses, but yesterday plunged 15% to 20c again - just shy of the 19c record low in February.
Debt levels, supply chain problems, increasing competition and retailer discounting had all combined to undermine Pumpkin Patch's balance sheet, leading to a $10.2 million loss for its full year to last July.
Chairman Peter Schuyt said Ms Humphries, who was previously with Hallenstein Glasson, had inherited a company two years ago ''that required, and still requires, major changes across all parts of the business''.
Ms Humphries said in the same statement ''good progress''' had been made in laying the foundation for the business' transformation, and it was now the ''appropriate time'' for a new chief executive to take the company into the next stage of improvement.
