Deathwatch (again): Thorntons
The chief executive of Thorntons has resigned as the chocolate-pushers continue to perform really badly. They've been on our Deathwatch for a long time now, beleaguered and ploughing away, and things don't seem to be improving.
After announcing a pre-Christmas profit warning and the supermarkets dropping their orders with the confectioner, chief-executive Jonathan Hart is leaving his post at the end of the company's financial year on 27th June.
Even though there have been improved profits along the way, thanks to cutting costs, actual orders for Thorntons' products have barely risen. In March, the company announced that their full-year profit down nearly 10%, with revenues down 8%.
Paul Wilkinson, Thorntons’ chairman, said: "Over the past four years Jonathan has turned around our retail business, as well as creating and delivering the vision and strategy that will serve as the platform for the continued transformation of Thorntons into an international consumer goods business. On behalf of the board, I would like to thank Jonathan for his significant contribution and wish him well for the future."
Thorntons' shares have plummeted from 118p to 95p. While the business continues to survive, they remain on Deathwatch.